The market demand for Metlen Energy & Metals' new bond is extremely strong, with bids already exceeding the issue amount by more than 3 times. 

In particular, the book opened this morning has received bids in excess of €1.5 billion, while the company is looking to raise €500 million.

The initial guidance for the issue coupon (IPT) was placed in the region of 4.5%, but given the demand being expressed, it is expected to be compressed lower.

As previously reported, Metlen had mandated BNP PARIBAS, Citigroup, and HSBC for the issue, which is aimed at financing eligible green projects, and will also redeem a senior bond of €500 million with an interest rate of 2.5% and a maturity of 2024.

With this move, the company will proceed with the repayment of its previous bond, proving once again that it is a stable and consistent market player.

Moreover, with the new issue in this volatile market environment, Metlen is re-entering the markets, which de facto accept the company as investment grade despite the fact that it is still one grade below.