While some deals stand out because of their size, others rely on the rarity factor. Scottish Power's $700m perpetual launched in June is a deal of the latter type, being the first perpetual hybrid convertible issued by a corporate. That means that unlike a normal convertible with a fixed maturity, the bond has an indefinite conversion period unless it is called by the issuer - giving Scottish Power 50% equity credit for what is effectively an eight year bond.
July 25, 2003
