Grand City brings rare December hybrid

By Mike Turner
03 Dec 2020

Grand City Properties, a German real estate company, opened books on a hybrid trade on Thursday, leaving some corners of the market surprised that investors would still be open to taking on high beta assets this late in the year.

Grand City, rated Baa1/BBB+ but issuing hybrid debt at Baa3/BBB-, started marketing its perpetual non-call June 2026 benchmark hybrid at 2.375%.

“Any other year and you’d be brave to think of doing a hybrid in December,” said a London-based syndicate banker off the deal when it was still book ...

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