Total hits hybrids as sub debt spreads swing out

By Mike Turner
18 Jan 2021

Total, the French oil and gas company, placed a chunky €3bn hybrid trade on Monday, as the spread between corporate senior and subordinated debt widens after months of tightening.

Total, rated Aa3/A+ but printing hybrid debt at A2/A-, opened books on a perpetual non-call seven year note at 1.875% to 2% and on a perpetual non-call 12 year deal at 2.375% to 2.5%.

The deal comes as selling pressure in hybrids wiped out months’ worth of tightening towards ...

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