$2bn bond issue for ScottishPower owner

IBERDROLA, owner of ScottishPower, yesterday raised $2 billion in a US bond issue to fund its renewables expansion. It was the first such deal by a Spanish energy sector company in the country.

By The Newsroom

Published 9th Sep 2009, 01:00 BST

The issue was three times over-subscribed, indicating substantial investor appetite for the company's plans. It was placed with 180 new institutional investors.

The issue diversifies the company's sources of funding, while reducing the weighting of its debt with banks.