AT&T brings preferred hybrids to eager European bond market

Euro fire FA 230
By Mike Turner
13 Feb 2020

US telecoms company AT&T brought a new type of hybrid deal to Europe’s corporate bond scene this week, as dwindling spreads created seemingly contradictory sweet spots for issuance across the market.

Higher yielding structures, such as AT&T’s preferred and vanilla hybrids and the negative yielding short end of highly rated corporate debt, were all fruitful sources of primary market demand this week, as the ripples from the European Central Bank’s (ECB) bond buying programme caused unusual dynamics that created ...

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