SSE bond reopens European hybrid market – but investors sceptical over deal terms

Deals in Focus: Scottish and Southern

Scottish and Southern's Monar hydroelectric power station

September saw the reopening of the corporate hybrid market in Europe, with Scottish and Southern Energy’s £1.2 billion-equivalent issue followed in quick succession by deals from other utilities across Europe.

Prior to the UK company’s offering, the market for corporate hybrids had remained dormant since state-owned Dutch utility TenneT issued in February. Other potential hybrid issuers had been unwilling to launch deals while they awaited revisions to equity credit criteria by Moody’s Investors

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