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|
|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.