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© Reuters Iberdrola places a perpetual green bond of 1,000 million at 4.875% per year
Madrid, 18 one (.).- Iberdrola (BME:) has placed a perpetual green hybrid bond of 1,000 million euros, at an annual interest rate of 4.875%, and will use the funds raised to finance or refinance, totally or partially, eligible green projects.
The requests in the books have been for more than 6,600 million euros and the bond was launched at an initial indicative price of 5.75%, which has finally been improved, leaving the interest to be paid by Iberdrola at 4.875% per year.
They have acted as global coordinators in the broadcast BNP Paribas (EPA:), HSCB, Mitsubishi UFJ Financial Group (TYO:), in addition as managers BBVA (BME:), Bank of America (NYSE:), IMI (LON:), Mizuho (TYO:), Natixis (NYSE:), Santander (BME:) y Unicredit (BIT:).
The first repurchase option that the bond will have will be at five years and, on an annual basis, coinciding with the coupon date, in July, Iberdrola may make repurchases.
The bond is hybrid, with which 50% is computed as capital, in accordance with the methodology of the main risk measurement agencies, with which the operation contributes to maintaining the group’s credit ratings.
Iberdrola has managed to pay a coupon of 4.875% per year in this issue, improving the interest obtained in other debt placements by electric companies that have made issues with similar repurchase date terms, which is what sets the cost.
The Danish Orsted, for example, placed its debt at 5.25% annual interest; the italian Enel (BIT:), at 6.375%, and the Portuguese EDP (ELI:), at 5.95%.
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