Latest corporate hybrid news

  • $2bn Unibail hybrid not enough to sate investors’ hunger for yield

    A four week wait for a new corporate hybrid deal came to an end this week with $2.3bn of supply. The levels of oversubscription, however, showed that plenty of demand still remains as investors clamour for the enhanced yields on offer compared to senior debt.

    • 19 Apr 2018
  • Akelius takes hybrid in blustery corporate market

    This week has not looked like anyone’s ideal opportunity for issuing corporate bonds in Europe, especially a challenging debut hybrid with a speculative grade rating. But Akelius, the Swedish housing company, saw a chance and pushed ahead.

    • 27 Mar 2018
  • Iberdrola forced to sell second green hybrid at bargain yield

    Spanish utility Iberdrola had significant success with its debut green hybrid bond in November when it received €3.2bn of orders. However, its second such bond failed to tighten from initial price thoughts when it was issued this week.

    • 22 Mar 2018
  • Social bond achieves much tighter print than green bond

    Two new SRI corporate bonds were priced on Monday, but with very different results. Iberdrola’s green hybrid bond failed to tighten from initial price thoughts, while Danone’s debut social bond had to pay just 2bp of premium.

    • 19 Mar 2018
  • Telefonica sells new pair of hybrids alongside tender

    Spanish telecoms company Telefonica announced the sale of new hybrid issues this week while also tendering for several of its outstanding hybrids. After more than a month since the last benchmark euro hybrid issue, investors contributed to an order book exceeding €4.5bn.

    • 15 Mar 2018
  • Egger whittles third hybrid from high quality international order book

    Austrian wood products manufacturer Egger Holzwerkstoffe sold its third hybrid capital deal on Monday, with its largest size and lowest coupon to date after a 24 hour bookbuild.

    • 08 Mar 2018
  • Pipeline prepares primary for post-pause pick-up

    Corporate bond syndicate managers have been surprised and disappointed that the pace of issuance evident at the start of the week has not continued, but the existence of a material pipeline for the first time this year is giving them some cause for optimism.

    • 22 Feb 2018
  • Non-call events weigh on market watchers as rates rise

    A Chinese company’s decision to pay an extra 300bp in coupon to defer payments on its onshore perpetual notes has not only shocked the domestic bond market, but also inevitably raised concerns offshore. Bankers and investors are now paying much closer attention to the onshore/offshore dynamics.

    • 14 Feb 2018
  • New rule powers big bid for Alliander hybrid refi

    Two weeks after rating agency S&P softened its stance on the early refinancing of hybrid instruments, Dutch energy distributor Alliander became the first issuer to take advantage when it sold a successful hybrid deal alongside a tender offer for a hybrid bond it issued just over four years ago.

    • 01 Feb 2018
  • Syngenta waits in the wings as Grand City rides wave of hybrid demand

    German residential property company Grand City Properties brought its third corporate bond deal of 2018 to the market on Tuesday, while the return of seed company Syngenta with a jumbo multi-tranche deal neared.

    • 17 Apr 2018

Corporate hybrid news archive

Capital markets data from GlobalCapital

Go to GlobalCapital's Corporate Bonds data pages for the latest information on priced deals, the new issue pipeline and bookrunner league tables across the investment grade and high yield markets.

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 47,440.35 214 6.52%
2 Bank of America Merrill Lynch 41,099.98 200 5.65%
3 Citi 35,604.01 206 4.89%
4 Goldman Sachs 34,960.01 128 4.81%
5 Barclays 33,832.55 129 4.65%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 10,780.78 48 9.26%
2 SG Corporate & Investment Banking 8,845.66 38 7.60%
3 Goldman Sachs 8,744.69 19 7.51%
4 Deutsche Bank 7,344.85 35 6.31%
5 HSBC 7,279.19 42 6.26%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 2,239.67 23 7.93%
2 BNP Paribas 2,143.91 24 7.59%
3 Goldman Sachs 1,846.31 18 6.53%
4 Credit Suisse 1,759.77 17 6.23%
5 Morgan Stanley 1,511.02 10 5.35%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 10,227.77 76 10.21%
2 Citi 6,863.07 57 6.85%
3 Bank of America Merrill Lynch 6,835.41 64 6.82%
4 Barclays 6,719.90 48 6.71%
5 Goldman Sachs 6,171.81 49 6.16%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 10,007.79 42 6.28%
2 BNP Paribas 9,748.86 44 6.12%
3 JPMorgan 9,700.92 35 6.09%
4 Deutsche Bank 9,571.59 40 6.01%
5 Goldman Sachs 9,062.29 21 5.69%