Total continues hybrid bonanza in ‘do anything’ market

Total 230x150
By Mike Turner
27 Aug 2020

Total, the French oil and gas major, continued the strong run of hybrid trades in the corporate market this week, launching a chunky €1bn note 37.5bp inside initial price thoughts on a yield basis.

Total, rated Aa3/A+ but printing subordinated debt at A2/A-, offered investors the highest rated hybrid debt in a week of five hybrid transactions. 

“You can do anything in this market,” said a senior syndicate banker off the trade. “Why wouldn’t you bring your high beta stuff before your autumn ...

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