Akelius smashes expectations as BT and AT&T join hybrid fray

By Mike Turner
10 Feb 2020

Akelius Residential Property, the Swedish property company, ratcheted in the yield on its hybrid capital issue by 50bp on Monday, setting the stage for a romping week of similar issuance as further names line up deals.

Akelius opened books for a €500m 61.25 year non-call 6.25 year hybrid shortly after market open, at initial price thoughts of a 2.75% yield. 

The issuer is rated BBB by S&P and the subordinated deal is rated BB+.

Demand hit €2.4bn by the time bookrunners Barclays, BNP Paribas and Danske Bank set ...

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