Repsol soars in hybrids as market ignores macro

By Mike Turner
02 Jun 2020

Repsol, the Spanish oil major, had a rip-roaring time in the hybrid capital bond market on Tuesday, achieving bumper books and paying minimal new issue concessions for its dual tranche issue. But some bankers think the market is starting to look too exuberant and may be due a correction.

and Repsol, rated Baa2/BBB/BBB but issuing subordinated debt at Ba1/BB+/BB+, priced a €1.5bn hybrid deal from €11.5bn of orders. 

“Absolute triumph,” said a syndicate banker in London away from the deal. “Exceeded expectations.”

The deal had a €750m perpetual non-call six year note and leads set guidance for ...

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