Dong Energy €600 million 3% hybrid bond issue

Overview:

• Dong Energy, Denmark's state-owned energy company, has issued €600 million in 3% hybrid securities on the Luxembourg Stock Exchange. 
• When Dong Energy initially issued these securities, Standard & Poors rated their equity content as "intermediate." In October 2015, S&P changed this the content from "intermediate" to "minimal."  However, a November 13, 2015 statement from Dong Energy stated that the company had "re-established the equity content to "intermediate". 
• Barclays, Danske Bank, Deutsche Bank, and JPMorgan acted as book-runners. 

Rani Mehta - Journalist