Italian electricity giant lines up Singapore bond

Enel hopes to capitalize on low absolute rates in the Singapore bond market.
October 05, 2001
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 is looking to raise.

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