EDF $5.86 billion multi-tranche bond issues

Overview:

• French energy provider EDF issued multiple bonds with an aggregated value of $5.86 billion. 
• The company issued two US denominated bonds listed on the Taipei Exchange (Formosa bonds), two green bond issuances to the Euronext Paris and a senior vanilla notes issuance to the SIX Swiss Exchange, under its €45 million EMTN Programme. 
• The Formosa bonds consisted of a $491 million 4.65% mixed rate bond with a thirty year coupon, and a $2.164 billion 4.99% fixed rate bond with a forty year coupon; an aggregated total of $2.655 billion.
• The green bonds consisted of a €1.75 billion 1% green bonds due 2026, and a €750 million 1.875% notes due 2036; an aggregated total of €2.5 billion. 
• The Swiss franc denominated bonds consisted of a CHF400 million bond with an 8 year maturity, and a CHF150 million bond with a twelve year maturity.  
• This was the company's second issuance of Formosa bonds to the Taipei Exchange. 
• The green bond issuance makes EDF the largest issuer of this type in France.
• HSCB acted as lead manager and bookrunner, Standard Chartered Bank acted as manager, bookrunner and liquidity provider, and Masterlink Securities Corporation and Bank Sinopac as co-managers on the $491 million bond issue. 
• HSCB acted as lead manager and bookrunner, Standard Chartered Bank acted as manager, bookrunner and liquidity provider, and KGI Securities Co and Bank Sinopac as co-managers on the $2.164 billion bond issue.
• Crédit Agricole CIB, Banca IMI, Barclays Bank, ING Bank, Banco Santander and Société Générale acted as active bookrunners and Banco Bilbao Vizcaya Argentaria, CM-CIC Market Solutions, La Banque Postale, Mediobanca, Natixis and UniCredit Bank AG acted as passive bookrunners on the green bond issue. 

John Crabb - Journalist