Repsol sells hybrid and sterling bulges with midweek trades

By Mike Turner
18 Mar 2021

Repsol, the Spanish oil company, brought a junk rated hybrid capital bond on Monday, but orders fell away towards the end of the execution process as debt bankers say investors are becoming more price sensitive.

Repsol, rated Baa2/BBB/BBB but issuing hybrid debt at Ba1/BB+/BB+, opened books on a perpetual non-call six year (March 2027) trade at 2.875%.

The book reached €2bn, prompting guidance of 2.5%-2.625%.

By the time the €750m trade was priced at the tighter end of guidance, demand had dipped to €1.75bn — ...

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