‘Ballsy’ Iberians turn to hybrids

Spain’s Iberdrola and Energias de Portugal have started marketing hybrid bonds and the deals could be priced next week. Several syndicate bankers were surprised by the moves — one called them ‘ballsy’ — given the volatility of peripheral European and hybrid corporate bonds in the last two months. But bankers close to the deals insist that investors’ frustration with low yields in the senior market will ensure there is plenty of demand. Read more on Friday.