Electricite de France (1024251.FR) has hired BNP Paribas, HSBC, Royal Bank of Scotland and Societe Generale as joint-lead managers of its two-part euro-denominated bond issue, one of the lead managers said Friday.
The six-year portion of the deal is expected to price later Friday in the area of 50 basis points over mid-swaps, while the 12-year portion is expected to price in the area of 70 basis points over mid-swaps.
The issuer is rated Aa1 by Moody's Investors Service, AA- by Standard & Poor's Corp. and AA by Fitch.
Initial feedback from investors indicated that spread guidance is close to where the company's outstanding credit default swaps trade, but offers a reasonable premium when compared with the company's outstanding bonds.
EdF was last in the market in mid-January offering a EUR1.5 billion, 10-year bond, which priced at 70 basis points over mid-swaps via Calyon, HSBC and Natixis.