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

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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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