Patchy demand no problem: hybrid issuance to boom

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By Mike Turner
26 Jan 2021

Corporate bond bankers in Europe are convinced that hybrid capital issuance will continue this year at a similar blistering pace to 2020, despite some deals so far having had tepid demand.

Swedish property company Heimstaden Bostad, rated BBB by S&P with hybrids rated BB+, got a €1.5bn book for its €800m deal on Monday.

On January 13, Spanish toll roads company Abertis Infrastructure, rated BBB-/BBB but printing hybrid at BB/BB+, received €900m of orders for a €600m hybrid deal.

Multiple ...

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