Akelius and British Telecoms have rip-roaring time in hybrid market
Akelius Residential Property, the Swedish property company, and British Telecommunications ratcheted in the yields on their hybrid capital issues by 50bp and 60bp respectively this week, as the market clamoured for yield.
Akelius opened books for a €500m 61.25 year non-call 6.25 year hybrid shortly after market open on Monday, 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 ...
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