Abertis rings up €5.25bn of orders for hybrid

By Mike Turner
17 Nov 2020

Abertis Infraestructuras, the Spanish toll road company, got blowout demand for its hybrid capital issue on Tuesday, as appetite for riskier debt returned to the corporate bond market.

Abertis, rated BBB-/BBB but printing hybrid debt at BB/BB+, started marketing its perpetual non-call February 2026 at 3.75% at market open, after holding investor calls on Monday.

Demand piled into the trade, with the issuer announcing guidance at 3.25%-3.375% and then launching the €1.25bn deal at the tight end ...

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