Danish labour market pension fund ATP has criticised the recent issues of hybrid debt instruments by European utilities saying they will fail to provide sufficient return for their equity-like risks.
ATP’s comments echo the views of M&G Investments, the London-based asset management arm of UK insurer Prudential, in criticising the flurry of callable perpetual notes issued by UK electricity firm Scottish and Southern Electric (SSE), French energy firm Suez Environnement and German energy firm
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