Patchy hybrid response will not put off more subordinated trades

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By Mike Turner
28 Jan 2021

Europe’s corporate bond investors had the chance to pick up some paper from the riskier end of their credit spectrum as the week began, with Portuguese power company Energias de Portugal (EDP) and Swedish housing firm Heimstaden Bostad out with hybrid capital issues.

Bankers 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.

EDP’s hybrid was green, which made it the more attractive of the two to investors.

“The demand for green feels like it has ...

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