SBB pays negative concession on social and hybrid duo

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By Mike Turner
08 Dec 2020

Samhällsbyggnadsbolaget i Norden (SBB), the Swedish social housing company, ploughed through fair value on Tuesday with a debut social bond and return to the hybrid market, as tightening spreads encourage investors to keep their wallets open deeper into December.

SBB, rated BBB-/BBB-, opened books on a December 2028 debut social bond for an expected €500m at 155bp over mid-swaps and a €500m no grow perpetual non-call March 2026 hybrid at 3.375%. The hybrid is rated BB/BB.

“It’s not really the time of year to bring subordinated debt or ...

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