UK's Embattled Water Firms Turn to Euro Bonds to Fund Huge Investment Needs [BNN Bloomberg (Canada)]
SEVERN TRENT PLC SPON/ADR (STRNY)
NASDAQ:AMEX Investor Relations:
severntrent.com/investors/overview
Company Research
Source: BNN Bloomberg
Severn Trent Utilities Finance Plc is looking to raise €500 million ($543 million) from a 10-year sustainability bond on Tuesday, according to people familiar with the matter, who asked not to be identified because they're not authorized to speak about it. The utility company has no outstanding euro debt currently, after a previous bond in the common currency matured in 2016. It also comes after United Utilities Water Finance Plc earlier this month sold its first publicly-syndicated bond in euros in nearly two decades. That deal attracted more than €2.5 billion of investor orders for a €650 million bond, according to people familiar. UK water utilities have typically favored sterling debt, with around £40 billion ($50.7 billion) of sterling-denominated bonds outstanding at the moment, according to data compiled by Bloomberg. Tapping the euro market gives them access to a new and broader investor base. The industry is under-pressure to raise funds amid mounting calls from the publ
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