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GC Asia
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Total hits hybrids as subordinated debt spreads swing out
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.
04.45 PM -
Winners and losers in Abertis and Wintershall hybrids
The prickly start to the year continued in Europe’s corporate bond market on Wednesday, as hybrid issues for Spanish toll road firm Abertis Infraestructuras and German oil and gas firm Wintershall Dea received opposite reactions from investors.
13 Jan 2021 -
Aroundtown gets IG corporate hybrid market under way
Aroundtown, the Luxembourg-listed property company, opened 2021’s corporate hybrid capital issuance on Monday. More subordinated deals are already being lined up.
11 Jan 2021 -
Investors see opportunity as hybrid spreads lag senior
European high grade corporate bond investors and analysts have spotted an area that might be ripe for performance next year, as senior notes inch towards pre-coronavirus pandemic levels but subordinated spreads have yet to catch up.
16 Dec 2020 -
SBB pays negative concession on social and hybrid duo
Samhällsbyggnadsbolaget i Norden (SBB), the Swedish social housing company, ploughed through fair value on Tuesday with a debut social bond and return to the hybrid market, as tightening spreads encourage investors to keep their wallets open deeper into December.
08 Dec 2020 -
SBB keeps corporate sleigh ride going with hybrid and social bonds
Samhallsbyggnadsbolaget i Norden (SBB), the Swedish social property company, has hired banks for €1bn of new deals made up of a hybrid note and debut social bond, as risk appetite remains strong even heading into the middle of December.
07 Dec 2020 -
Europe’s high grade corporates see bulging books despite time of year
Opportunistic corporate issuers had a strong week of it in Europe's bond market, increasing deal sizes and enjoying bulging order books as investors turned positive on the outlook for the market.
03 Dec 2020 -
Grand City brings rare December hybrid
Grand City Properties, a German real estate company, opened books on a hybrid trade on Thursday, leaving some corners of the market surprised that investors would still be open to taking on high beta assets this late in the year.
03 Dec 2020 -
Engie and National Express keep Europe’s hybrid high buzzing
Engie, the French electricity and gas company, and UK transport firm National Express enjoyed bumper demand for hybrid capital issues on Thursday, as some market participants argued the coronavirus pandemic had changed the way hybrids are seen by issuers.
19 Nov 2020 -
Citycon refis loan and prints hybrid with ratings under threat
Citycon Group, the Nordic shopping centre company, has signed €500m of revolving credit facilities. It wants to shore up its balance sheet as it teeters on the edge of a junk rating.
18 Nov 2020
