Hybrids storm market as bankers push clients to roll out riskier trades

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By Mike Turner
27 Aug 2020

Companies piled into the bond market with hybrid capital issues this week to raise €4.95bn between them, as syndicate bankers say that they are encouraging as many borrowers as possible to consider pushing out higher risk trades before raising senior debt.

UK phone company Vodafone, Belgian chemicals firm Solvay, Austrian oil major OMV and French rival Total — and even an airline, in Finland’s Finnair — brought hybrid bonds this week after two weeks without any activity in Europe’s corporate bond market.

“You can do anything in this market,” said ...

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