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And don't miss Marcus Ashworth on Pennon's work of interest rate management art: "On Monday it successfully bought back most of its 300 million pounds ($405.7 million) of 6.75 percent perpetual bonds. It also issued the same amount of perpetual bonds with a much lower coupon, at 2.875 percent. Corporate nirvana. The lack of a credit rating paled in significance to the allure of lending to a borrower from a safe business with a steady cash flow. In fact initial price talk was for a coupon of about 3.25 percent, but the company was able to get something smaller. The price has since risen above par, and the yield is now about 2.6 percent. For an unsecured bond that technically never has to be redeemed, that's not a lot. But these are the times we live in."
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