Hybrids return with Firmenich and Tennet to come

By Mike Turner
27 May 2020

Firmenich, the Swiss fragrances company, reopened Europe’s corporate hybrid market on Wednesday, as similar deals lined up from companies including Dutch utility Tennet.

Firmenich, rated BBB but issuing subordinated debt at BB+, has opened books for a perpetual non-call 5.25 year hybrid at 4.5%, of up to €750m. Citi and UBS are arranging the trade.

Demand was over €3.25bn and guidance had been set at 4%, plus or minus 0.125%, to price ...

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