German investors chase yield with unrated BayWa hybrid

By Nigel Owen
05 Oct 2017

The few hybrid deals that have been printed in 2017 have seen overwhelming demand amid the current low rate environment. A €300m deal from German agriculture servicing company BayWa on Wednesday was no different, even if some of the bond’s features were more unusual.

BayWa had met with investors the week before Tuesday’s German Unity Day holiday, and launched the perpetual note with a non-call five year feature when investors returned to their desks. The last new hybrid issue of benchmark size in euros was Evonik’s €500m deal in late June, ...

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