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REN issues 300 million euro in 10 - year Eurobonds


REN – Redes Energéticas Nacionais has issued 300 million euro in 10-year Euro Bonds with a spread of 1.82% on the 10-year swap rate. The bond’s coupon was fixed at 2.5%.

The bonds were issued under the REN European Medium Term Notes (EMTN) Programme, which was fully subscribed with orders totalling EUR 2.36 billion, around eight times the amount on offer.

Due to high demand, the final spread was much lower than 2%, the initial reference at the opening of the offer.

Gonçalo Morais Soares, REN’s CFO, said: “The success of this operation reflects REN’s sound financial profile: the Portuguese company with the highest rating at the world’s three largest rating agencies (Fitch, Moody’s and Standard and Poor’s). This operation, he said “will enable REN to further diversify its funding sources and strengthen the company’s liquidity profile.