Iberdrola forced to sell second green hybrid at bargain yield

Spanish utility Iberdrola had significant success with its debut green hybrid bond in November when it received €3.2bn of orders. However, its second such bond failed to tighten from initial price thoughts when it was issued this week.

  • By Nigel Owen
  • 22 Mar 2018

The Baa1/BBB+/BBB+ rated issuer had hoped to benefit from the extra investors a green bond attracts, as well as the excess demand for Telefónica’s recent dual-tranche hybrid offering — which was priced before the recent heavy supply and spread widening in corporate bond market.

But the ...

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All Corporate Bonds

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3 Citi 62,167.71 351 4.88%
4 Barclays 58,729.13 218 4.61%
5 Goldman Sachs 50,207.03 203 3.94%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 BNP Paribas 18,740.11 80 9.75%
2 SG Corporate & Investment Banking 13,968.96 63 7.27%
3 Deutsche Bank 12,777.94 56 6.65%
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5 HSBC 10,482.96 60 5.46%

Bookrunners of European HY Bonds

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1 BNP Paribas 3,647.43 42 7.27%
2 JPMorgan 3,279.22 34 6.53%
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4 Credit Suisse 2,939.41 27 5.86%
5 Goldman Sachs 2,892.87 27 5.76%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 13,575.71 111 9.62%
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4 Bank of America Merrill Lynch 9,455.18 88 6.70%
5 Barclays 9,449.01 71 6.70%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 19,622.23 78 6.66%
2 Barclays 17,915.82 53 6.08%
3 HSBC 17,859.84 77 6.06%
4 Citi 15,926.05 64 5.40%
5 JPMorgan 15,445.30 54 5.24%