SBB’s €500m hybrid offers yield-starved investors respite

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By Mike Turner
23 Jan 2020

Samhällsbyggnadsbolaget i Norden (SBB), the Swedish social infrastructure and residential property investment company, launched a hybrid capital bond on Thursday, offering investors the chance to pick up junk rated paper from an investment grade issuer.

JP Morgan was global coordinator and structuring agent. Citigroup, Danske Bank, Deutsche Bank and Nordea were bookrunners. 

The borrower, rated BBB-/BBB-, launched a €500m no-grow perpetual non-call 5.25 year note rated BB/BB. The leads set initial price thoughts at 3.25%.

"Hybrids are working for a lot of people at the ...

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