SSE hits £1bn hybrid target with €, $.

The article reports on the hybrid capital bond launched by SSE, the second biggest energy supplier in Great Britain. An overview of the structure of the bond under structuring advisers Barclays and Morgan Stanley, is presented. The deal is aimed at raising 1 billion British pounds of non-dilutive subordinated debt carrying 50% equity credit from the rating agencies. Bookrunners for the deal include Bank of America Merrill Lynch, BNP Paribas and Credit Suisse.