UK utilities operator National Grid made a highly successful debut in the hybrid market to finance large investment needs without jeopardising its credit ratings.
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At the beginning of 2013, Greek telecoms group OTE launched a €700m bond issue. The largest corporate debt transaction from a Greek borrower since the sovereign debt crisis erupted in 2010, the deal’s success offered stark proof of changing sentiment towards peripheral Europe.
Frozen out of the Eurobond market due to fears over its banking sector and budget deficit, Slovenia managed to find a highly receptive audience on the other side of the Atlantic.
Spanish telecoms giant Telefonica took a risk coming to market just before the European Central Bank announced the details of its bond-buying plans in September, but the risk paid off with investment pouring in.
Switzerland’s second largest bank had to react quickly with an innovative convertible offering after the country’s central bank demanded an increase in its capital base.
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