Winners and losers in Abertis and Wintershall hybrids

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By Jon Hay, Mike Turner
13 Jan 2021

The prickly start to the year continued in Europe’s corporate bond market on Wednesday, as hybrid issues for Spanish toll road firm Abertis Infraestructuras and German oil and gas firm Wintershall Dea received opposite reactions from investors.

Abertis had a tough time. The BBB-/BBB rated issuer offering hybrid debt at BB/BB+ opened books on a maximum €750m perpetual non-call 6.25 year bond at initial price thoughts of 2.875%.

BNP Paribas and HSBC were global coordinators, helped by active bookrunners Commerzbank, Crédit Agricole, ING, Mediobanca, Mizuho, Morgan ...

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