Ferrovial flies in for low coupon hybrid

On Tuesday, Spanish infrastructure operator Ferrovial tapped into demand for the enhanced yield offered by hybrid bonds and matched the second lowest coupon ever on such an instrument.

  • By Nigel Owen
  • 07 Nov 2017

The 2.125% coupon could not beat Danone’s recent 1.75% pricing for its €1.25bn deal, but the BBB/BBB ratings of the Spanish company meant its debut hybrid was rated BB+/BB+, whereas the French food company’s one notch higher rating meant its hybrid was deemed investment grade.

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