E.On will today (Friday) launch and price what is not only expected to be the last of the jumbo utility offerings this year, but also a record-breaking Eu7.5bn equivalent offering in euros and sterling. E.On has survived the turbulent markets to mark its debut with the largest European corporate issue outside the auto and telco sectors. A Eu4.25bn seven year tranche is expected to be priced at 55bp over mid-swaps, a rare and record-breaking Eu900m 15 year at 75bp, a £500m 10 year in the 70bp area over mid-swaps, and another record £850m 30 year sterling tranche at 90bp. And all this despite talk earlier in the week that E.On was struggling to meet the Eu5bn minimum target it had set itself.
May 17, 2002
