Italian electricity giant lines up Singapore bond

Enel hopes to capitalize on low absolute rates in the Singapore bond market.

Enel, the largest listed European utility and generator of 80% of electricity supply in Italy, is rumoured to be considering a Singapore dollar bond. Deutsche Bank is said to have won the mandate, although the bank would not comment.

Despite the denial, market sources say that the deal will carry a coupon of 3.28% on a five-year tenor, equating to a spread of 47bp over Sibor. Details have not yet emerged for how much the issuer...

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