Latest hybrid corporate bonds news

• Doosan Power thrives on Kexim guarantee

  

  The pricing achieved by Doosan Power Systems on its $300m capital bond is being viewed by some as “against all fundamental logic”, given the strong market technicals for high quality and shorter-dated South Korean paper.

  • 19 Oct 2018

• Vodafone launches €4.1bn suite of hybrids to fund Liberty Global acquisition

  

  When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies. Nigel Owen reports.

  • 27 Sep 2018

• Vodafone launches €4.1bn suite of hybrids to fund Liberty Global acqusition

  

  When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies.

  • 26 Sep 2018

• EDF reopens hybrid market as it shuffles its pack

  

  French electricity utility EDF sold the first hybrid corporate bond deal in the euro market for more than two months on Tuesday, as it launched a tender offer for its existing hybrids with the aim of maintaining its existing volume of outstanding bonds.

  • 25 Sep 2018

• Oversubscription justifies Elia confidence with hybrid

  

  The euro senior corporate market slowed right down over the summer, but the actual break in issuance was for barely two weeks. For hybrid deals, however, it was nearly seven weeks from the last new issue to Belgian electricity grid operator Elia’s deal this week.

  • 30 Aug 2018

• Otto finds demand remains strong for unrated hybrid

  

  Unrated German mail order retailer Otto Group found plenty of demand for its debut hybrid bond on Tuesday. Order books were more than twice oversubscribed following a week-long roadshow.

  • 10 Jul 2018

• Sole-led short dated FRNs the order of the day

  

  The corporate bond market started the week slowly with a pair of well rated German corporates selling two year floating rate notes on Monday. Both had just a sole lead manager.

  • 09 Jul 2018

• Volkswagen drives away with largest hybrid of 2018

  

  Volkswagen used the slipstream of the upbeat corporate bond market this week to print the largest corporate hybrid bond deal of the year to date. The dual tranche offering garnered €8bn of demand.

  • 21 Jun 2018

• IG corporate floodgates open following Bayer

  

  Bayer’s €5bn four-tranche corporate bond offering on Tuesday not only cleared the way for other issuers to approach the market, but the €22.5bn of demand gave four issuers the confidence to sell a variety of deals in Europe on Wednesday. €3.5bn was issued in the euro market and £1bn in sterling.

  • 20 Jun 2018

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