Latest corporate hybrid news

  • 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
  • Investors show strong support for Alliander hybrid refinancing

    Following an investor call on Monday, Dutch energy distributor Alliander received overwhelming support on Tuesday for a new €500m hybrid bond issued alongside a tender offer for its existing €500m 3.25% hybrid. The final order book was more than €3.5bn.

    • 30 Jan 2018
  • Alliander set for record low hybrid refi under new S&P rules

    Dutch energy distributor Alliander announced plans for a new euro hybrid on Monday, alongside a tender offer for the company’s outstanding hybrid. The issuer’s ratings could allow it to set a new low for the product's pricing.

    • 29 Jan 2018
  • Engie EUR1bn 1.5% Perp NC Apr 2023

    • 11 Jan 2018
  • Hybrids find new low as Engie goes with green variation

    Multi-tranche and green bond issuance returned to the investment grade corporate bond market on Tuesday, leaving just the hybrid asset class untouched in 2018. That didn’t last long, as Engie and Aroundtown launched new hybrid deals on Wednesday morning, one of which set new lows for coupons and spreads.

    • 11 Jan 2018
  • Engie green offering breaks Danone’s records as hybrids return

    On Tuesday multi-tranche and green bond issuance returned to the investment grade corporate bond market, leaving just the hybrid asset class untouched in 2018. That didn’t last long, as Engie and Aroundtown launched new hybrid deals on Wednesday morning, one of which set new lows for the product's coupon and spread levels.

    • 10 Jan 2018
  • Moody’s expects strong 2018 for utility hybrids

    Ratings agency Moody’s has said that it expects a high level of refinancing of hybrids by utilities in 2018, following €4.2bn of hybrids issued by the sector in 2017.

    • 18 Dec 2017
  • Unibail's $25bn Westfield buy yields $6bn loan but scanty bonds

    Unibail-Rodamco has taken out a €6.1bn bridge facility from its advisers Deutsche Bank and Goldman Sachs, to finance its acquisition of Westfield Corp, the Australian shopping centre operator, for an enterprise value of $24.7bn.

    • 12 Dec 2017
  • Telefonica hits Spanish hybrid sweetspot

    On Wednesday Spanish telecoms company Telefónica brought the third hybrid from a Spanish corporate issuer this November, following deals by Ferrovial and Iberdrola.

    • 30 Nov 2017
  • Reign of Spain in hybrids continues, while sterling pipeline builds

    On Wednesday Spanish telecoms company Telefónica brought the third hybrid from a Spanish corporate issuer this November, following deals by Ferrovial and Iberdrola.

    • 29 Nov 2017

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 14,730.91 80 5.37%
2 Citi 14,428.79 89 5.26%
3 Bank of America Merrill Lynch 14,307.56 80 5.21%
4 Deutsche Bank 12,304.52 60 4.48%
5 BNP Paribas 11,238.26 52 4.09%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,332.16 20 11.63%
2 Deutsche Bank 4,298.25 18 9.37%
3 UniCredit 3,009.41 12 6.56%
4 Bank of America Merrill Lynch 2,869.21 10 6.26%
5 HSBC 2,516.32 16 5.49%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 923.77 9 8.85%
2 Morgan Stanley 732.63 4 7.02%
3 Goldman Sachs 657.29 6 6.30%
4 Credit Suisse 577.70 7 5.53%
5 JPMorgan 572.76 6 5.49%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,599.75 33 9.01%
2 Citi 4,085.51 32 8.01%
3 Credit Suisse 3,835.38 26 7.52%
4 Wells Fargo Securities 3,248.55 24 6.37%
5 Barclays 2,770.29 16 5.43%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,027.03 18 8.92%
2 Deutsche Bank 4,039.27 17 7.16%
3 JPMorgan 2,933.70 12 5.20%
4 SG Corporate & Investment Banking 2,734.66 13 4.85%
5 HSBC 2,719.21 17 4.82%