SSE bond reopens European hybrid market – but investors sceptical over deal terms
Scottish and Southern launched a UK corporate hybrid bond in September, paving the way for a flurry of European deals. But not all investors are impressed with the new hybrid issues
September saw the reopening of the corporate hybrid market in Europe, with Scottish and Southern Energy’s £1.2 billion-equivalent issue followed in quick succession by deals from other utilities across Europe.
Prior to the UK company’s offering, the market for corporate hybrids had remained dormant since state-owned Dutch utility TenneT issued in February. Other potential hybrid issuers had been unwilling to launch deals while they awaited revisions to equity credit criteria by Moody’s Investors
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