RWE’s recent €6.5 billion new issue was supposed to be about technicals triumphing over cautious sentiment towards the utility sector, but the announcement by arch rival E.on of a planned €5bn-€7bn offering soon after the launch put paid to that. RWE nonetheless did manage to issue the largest ever bond from a European utility, to finance its £8.8 billion acquisition of Innogy.

The offering was split between €2.5 billion of five-year and €1.5 billion 10-year notes led by BNP Paribas, Schroder

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