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Global DCM deal of the year 2013: EdF

EdF changed the hybrid game.

EdF €6.25 billion-equivalent perpetual hybrid notes
Issuer Electricité de France
Size €1.25 billion 4.25% Perp NC7; €1.25 billion 5.375% Perp NC12; £1.25 billion 6% Perp NC13; $3 billion 5.25% Perp NC10
Date January 2013
Global coordinators and joint bookrunners BNP Paribas, Citi, HSBC
Bookrunners Euro: Banca IMI, Crédit Agricole, Natixis, Société Générale;
Sterling: Barclays, Lloyds, RBS;
US dollar: Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs, Nomura

Passive bookrunners Mitsubishi, Mizuho, Morgan Stanley, SMBC, RBC
return to the Deals of the Year 2013 index

Last year ended pretty much as it had begun. Ultra-loose central bank monetary policy prompted investors to begin 2013 on a search for yield and they ended it in much the same way. This translated into ebullient credit conditions and the beginnings of the much-touted great rotation into equity.

Just how precarious market sentiment is was starkly demonstrated in May, however, when Federal Reserve chairman Ben Bernanke suggested that it was not possible for quantitative easing to go on for ever.

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