Arkema hybrid comes as investors pile into risk

By Mike Turner
14 Jan 2020

Arkema, the French chemicals company, has issued the second corporate hybrid capital bond in Europe in as many days. Bankers say investor appetite for higher risk securities is almost insatiable.

Arkema, rated Baa1/BBB+, on Tuesday morning launched a €300m no-grow perpetual non-call six year hybrid that was expected to be rated Baa3/BBB-.

“It is the sign of an ultra-risk-on market,” said a banker off the deal. “Look at the last week — hybrids, high beta, unrated. Not long ...

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