Aroundtown gets IG corporate hybrid market under way

By Mike Turner
11 Jan 2021

Aroundtown, the Luxembourg-listed property company, opened 2021’s corporate hybrid capital issuance on Monday. More subordinated deals are already being lined up.

Aroundtown, rated BBB+ by S&P but issuing hybrid debt at BBB-, opened books for a perpetual non-call July 2026 (5.5 year) bond at 2.5%.

“It’s a continuation from last year,” said a syndicate banker away from the deal. “Spreads are still moving lower, the hunt for yield is there. ...

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