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Rating: A2/A
Amount: L300m
Maturity: March 8, 2024
Issue/re-offer price: 99.54
Coupon: 5.75%
Spread at re-offer: 85bp over the 8% June 2021 Gilt
Launched: Thursday February 19
Joint books: HSBC, Royal Bank of Scotland
Bookrunner's comment:
HSBC -- EdF Energy is the UK energy company which owns three regulated electricity distribution businesses.
EdF Energy Networks (EPN), formerly Eastern Electricity is regulated by Ofgem and is a ringfenced entity.
This is the third time in three years that the company has tapped the long end of the sterling market through its three subsidiaries.
EdF Energy spent three and a half days updating investors in London and Scotland who were of course mindful that Eastern Electricity has a L350m bond that is maturing on March 31.
During the week it became clear that there was enthusiasm for a potential new issue in the 15 to 20 year part of the curve.
EdF Energy said that it would issue up to L350m...