Iberdrola success with green hybrid could provoke rethink

Demand for corporate bonds is strong but it is at its strongest for green and hybrid debt, especially for deals that combine both qualities. On Tuesday, Spanish utility Iberdrola found similar demand for green hybrids to that which Engie and EDP had benefited from in January, and market participants are starting to revise their issuance forecasts for the asset class.

  • By Nigel Owen
  • 05 Feb 2019

Engie’s €1bn green hybrid issue was more than six times oversubscribed and priced flat to the A2/A- rated issuer’s hybrid curve with a yield of 3.5% to the long six year first call date. EDP’s weaker ratings means its hybrids are sub-investment grade, but it still found ...

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