
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.
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