Hyder bond may boost flow of refinancing in UK utilities

Attempts to refinance UK utilities last week received a boost from the success of a tender offer for sterling bonds issued by Welsh multi-utility Hyder.

UK utilities are under immense pressure to find a workable capital structure, caught as they are on the horns of an equity market disenchanted with heavily regulated industries and a regulator that has so far proven uncomfortable with higher rates of leverage.

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