Investors poured almost US$10bn of orders into a US$2.2bn three-part deal from southwestern enercy last week, proving that for certain energy names willing to go the extra mile when it comes to offering value to investors, there is no shortage of interest. The Baa3/BBB-/BBB-predominantly gas E&P company's deal, consisting of US$350m of three, US$850m of five and US$1bn of 10-year notes, offered an attractive pick-up over secondaries, as well as 25bp coupon step-ups per notch downgrade below investment-grade per ratings agency.
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