All eyes on Firmenich’s hybrid market reopening

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By Mike Turner
26 May 2020

Firmenich, a Swiss fragrance and flavour company, will this week become the first hybrid bond issuer since the coronavirus pandemic hit Europe, in a deal that will be closely watched by the market.

Firmenich, rated BBB with S&P but expecting to issue subordinated debt at BB+, has hired Citi and UBS for the deal.

The bond will have a perpetual non call 5.25 year maturity.

“It’s one of the last pieces of the puzzle,” said a London-based syndicate banker away from the trade. ...

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