BP lands record $4bn bond buy-back to splurge hybrid cash

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By Jon Hay
25 Sep 2020

BP has priced the largest corporate bond buy-back ever conducted in Europe, acquiring $4bn worth of eight euro and sterling bonds, as it deploys the cash it hauled in with its $12bn hybrid capital issue in June.

“It’s part of our group’s new strategy, mainly linked to our hybrid transaction,” said Gary Admans, head of liquidity and capital markets at BP in London. “We thought we would be issuing $6bn to $8bn and we issued $12bn.”

The hybrid issue — the first large one in ...

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