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At a glance: Issuer: Danske Olie og Naturgas Deal structure: Hybrid – €1.1 billion 5.5%, due June 3005; senior – €500 million 3.50%, due June 2012 Lead managers: BNP Paribas, Deutsche Bank, Morgan Stanley and Nordea Date: June 2005 |
Hybrid bonds were the big new thing in the corporate market in 2005, but the sector suffered a stuttering start. Danske Olie og Naturgas (Dong) had a lot of things workings against it when it approached the institutional market at the beginning of the summer yet its issue was the first clear-cut success.
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