Euro Investment Grade

WINNER: VATTENFALL

Bookrunners: Citigroup, JPMorgan, Merrill Lynch

Vattenfall's EUR1 billion perpetual hybrid deal was a hot favourite among investors and quickly emerged as 2005's euro high-grade corporate bond deal of the year. It is the first-ever perpetual security from a Nordic issuer and achieved the highest equity treatment at the tightest spread ever.

Simon Surtees, head of credit research at Gartmore Asset Management in London, believes the deal had a discernible effect on the market.