UBS Investment Bank has been named as sole bookrunner of a $575m (€486m) convertible issue from Scottish Power, the UK utility, which is only the second perpetual bond in the equity-linked market.

The bond does not have a final maturity date, but can be converted at any time in the first eight years. If the bond is not converted during this time, the coupon, or interest payment, increases.

UBS leads hybrid capital issue for Scottish Power

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