Engie and National Express keep Europe’s hybrid high buzzing

By Mike Turner
19 Nov 2020

Engie, the French electricity and gas company, and UK transport firm National Express enjoyed bumper demand for hybrid capital issues on Thursday, as some market participants argued the coronavirus pandemic had changed the way hybrids are seen by issuers.

Engie, rated Baa1/BBB+/A- but printing hybrid debt at Baa3/BBB-/BBB+, opened books on a euro green hybrid perpetual non-call November 2028 at 2.125% to 2.25%. 

At the same time, National Express, rated Baa2/—/BBB and printing at Ba1/—/BB+, hit screens with its debut hybrid sterling perpetual non-call February 2026 at 5%.

Hybrids ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial