WestLB was the exclusive German bookrunner on E.ON’s billion euro bond issue
WestLB AG, Banca IMI, BBVA and Fortis acted as joint bookrunners on E.ON AG’s issue of a EUR 1 billion Regional Targeted Bond in the euro market.
Clearly oversubscribed with a final volume of € 1.5 billion, the issue specifically targeted small and mid-sized institutional investors. The strong investor response allowed to clearly increase the € 500 million volume originally envisaged by E.ON and to price the issue at the lower end of the 75-80 bps band.
The bond was placed with more than 150 investors from 18 countries, with Germany absorbing an impressive 34% of the issue.
The Regional Targeted Bond lived up to its name in that it was effective in expanding E.ON’s investor base by recruiting small and mid-sized institutional investors from the regions listed below.
The transaction impressively demonstrated WestLB’s placement power.
Placement of the issue by countries and investor groups:
| Country | % | Investor group | % |
| Germany | 34 | Asset & fund manager | 30 |
| Benelux | 15 | Banks | 35 |
| France | 12 | Insurers | 23 |
| Italy | 10 | Savings banks | 8 |
| Spain | 11 | Pensions fouds | 4 |
| UK | 6 | ||
| other | 12 |