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Monday was a record day for the utilities sector
Bond set to be priced at implied vol above secondaries
◆ Book shrinks as deal pushes tight ◆ Proceeds could refi upcoming call ◆ Senior retail denoms make defining a senior/sub spread tricky
Data
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◆ UK utility prints €1.3bn dual trancher ◆ Issuer skips guidance as it masses orders north of €10bn ◆ Longer call leg draws stronger demand -
◆ Pricing competitive to euros ◆ Deal the largest from a European corporate in 12 years ◆ Diversification drive fuels bumper Swiss franc year
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Scarcity value to overshadow sectoral concerns
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◆ Peak demand tops €3.65bn ◆ Orders stick after 37bp tightening ◆ Deal lands close to fair value
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Returnee lands through fair value on currency diversification drive
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Issuance will be lower in June as yields rise
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