Hybrid anxiety grows as UCB, Lottomatica join queue
Syndicate bankers and investors are increasingly anxious about Europe’s corporate hybrid bond market after Italian gaming group Lottomatica and UCB, an unrated Belgian pharmaceutical group, added to the pipeline of deals this week.
The borrowers are the first non-utilities in Europe to consider hybrids since the market reopened in September. The mandates come after Spains Iberdrola, which went on a roadshow last week, postponed a hybrid deal due to volatility in peripheral Eurozone bond markets caused by Irelands fiscal crisis.
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