Hybrid

  • No clear market direction as IG corporates line up deals

    No clear market direction as IG corporates line up deals

    Europe’s high grade bond market provided some mixed indications of sentiment on Monday with the deals for Takeda and SEE seeing notable differences in demand, leaving syndicate bankers trying to work out what this means for what is expected to be a busy week of issuance.

  • IG corporates burst into primary market

    IG corporates burst into primary market

    Europe’s high grade corporate bond market has started the week on the front foot, with a mixture of deal types for investors to snap up including a rare chance to grab yield on a green bond.

  • DP World tests EM appetite afresh with hybrids

    DP World tests EM appetite afresh with hybrids

    Dubai-based port logistics operator DP World is set to test emerging market risk sentiment by a new degree, as it announced investor calls for a hybrid capital bond offering.

  • A golden opportunity awaits corporates

    A golden opportunity awaits corporates

    Oil major BP printed its debut hybrids this week, defending its balance sheet from the huge slump in oil prices and the ravages of global lockdown. The company lured €20bn of orders a day after writing off up to $17.5bn of assets, proving that if you’re a company with something unusual to bring to capital markets, now is the time to do it.

  • BP sells largest ever hybrid bond in debut, more oilers expected

    BP sells largest ever hybrid bond in debut, more oilers expected

    BP, the UK oil company, completed the biggest ever hybrid bond sale this week with a $12bn-equivalent debut issuance across multiple currencies, leading to rising expectations that other oil majors without hybrid debt will be entering the market too.

  • BP’s hybrid bonanza opens pipeline for other oil majors

    BP’s hybrid bonanza opens pipeline for other oil majors

    BP’s creation of a hybrid curve in euro and sterling on Wednesday garnered more than €20bn-equivalent of demand at guidance, which a banker off the deal said will “absolutely” catch the attention of other major oil companies without hybrid debt.

  • European corporates urged to print riskier debt despite grim Fed

    European corporates urged to print riskier debt despite grim Fed

    Europe's corporate bond investors are clamouring for issuers to print higher risk bonds with borrowers proving happy to oblige, as money pumped into the market by the European Central Bank crushes spreads on top-rated, short and medium-dated debt ever tighter, and despite a clear display of pessimism from the US Federal Reserve on Wednesday. Mike Turner reports.

  • VW’s €3bn hybrid blowout supports ratings

    VW’s €3bn hybrid blowout supports ratings

    Volkswagen, the German car company, has waited a long time before issuing any euro bonds from its industrial arm since the Covid-19 crisis began, but on Wednesday it broke its silence — and surprisingly, with a hybrid deal. VW has gone beyond refinancing an old hybrid and added ballast to its balance sheet, helping its ratings, which are on negative outlooks.