Hybrids fly as Eurofins, Ferrovial squeeze pricing

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By Nigel Owen
09 Nov 2017

Following French food company Danone’s recent hugely successful hybrid corporate debut, investors have been waiting for the next hybrid trade. This week they had two to consider.

“When you’ve got IG credit trending to zero and less in spread terms, the incremental spread is effectively infinite for a hybrid,” said a head of syndicate in London. “There is still a good relative value pick-up to IG senior bonds.

“The response we are seeing is ...

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