Issuer: CalEnergy
Lead managers: Credit Suisse First Boston, Lehman Brothers
Amount: $1.4 billion
Date: September 1998
Back in the gloomy days of September, it was difficult enough for well-established high-grade borrowers to tap the debt markets. Single-A credit Ford had pulled a bond deal, and the reopening of the US equity markets was still 10 days away. Rather surprisingly, then, it was a $1.4 billion issue from a sub-investment-grade corporate which kick-started the markets.
CalEnergy’s deal was launched four weeks after the Russian collapse and quickly sold out.
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