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 is looking to raise.

A source said that if the pricing is set at the speculated level, it looks a little tight given that local investors are not familiar with Enel and are being ultra-cautious...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222