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ScottishPower owner issues £700m bonds
SCOTTISHPower owner Iberdrola yesterday raised nearly £700 million on the UK bond market. It said the move was designed to "optimise its liquidity levels for 2009 and adapt to future needs".
The Spanish utility giant placed a 500m, 15-year bond issue in the UK market, among 54 investors, but received offers for close to 700m.
Yesterday the firm said the offering "boosts the company's financial strength and diversifies its sources of funding", following previous bond issues in Europe and Mexico over the past year.
Analysts say demand for lower-risk assets like bonds is strong as investors look for safer bets than equities, but warned that supply of investment-grade corporate and government bonds is "growing immensely".
The UK government is looking to sell a record 146 billion of gilts this financial year to pay for its bail-out of the banking sector.
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Saturday 26 May 2012
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