SP AusNet issues first euro bond as credit risk falls
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SP AusNet, an Australian electricity grid operator, and Slovakian gas utility Eustream AS marketed their first euro-denominated bonds as European credit risk fell.
SP AusNet priced 500 million euros ($652 million) of notes due July 2020 while Eustream is also planning to issue 500 million euros of seven-year notes, according to people familiar with the deals, who asked not to be identified because the details are private. The cost of insuring against losses on investment-grade debt in Europe fell as much as 5.5 basis points to 104 basis points, the lowest since May 31.