Merck hybrid gets €11bn book amid risk rally sparked by Draghi

By Alex Radford
18 Jun 2019

Investors hoovered up two German hybrid capital issues on Tuesday, in a receptive market spurred on by dovish comments from European Central Bank president Mario Draghi. They were of very different stripes: a €1.5bn dual tranche issue from Merck, the pharmaceutical company, which was about 7.5 times covered, and a £400m issue from Aroundtown, the property company.

There was also a €300m no-grow senior issue by Alfa Laval, which makes heat exchangers, separators, pumps and valves.

“It’s an extremely strong day from a risk asset perspective,” a banker said on Tuesday. “After Draghi’s comments this morning you are seeing a general expectation of additional quantitative easing ...

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