Brexit Keeps Europe's Top Utility Away From Sterling Bond Market
- Enel plans to stay away from sterling denominated debt boom
- U.K. company borrowing costs near lowest in nine months
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Europe’s biggest power company by market value is steering clear of pound-denominated bonds because of the uncertainty caused by the U.K.’s decision to exit the European Union.
Even as the Bank of England’s post-Brexit policies have supported U.K. corporate bonds, which are on track for their best year since the financial crisis, Italy’s Enel SpA isn’t convinced that policy shock waves have passed. It’s leaning toward green bonds in other currencies or Swiss franc-denominated securities to pre-finance debt due next year, a top executive said.