Latest hybrid corporate bonds news

• Late call notice could be costly for Enel

  

  Italian energy company Enel failed to notify investors it would call its 6.5% hybrid corporate bonds by the date required, due to a “procedural issue.” The company still intends to offer noteholders the opportunity to redeem the notes at par via a tender offer, but it may find few takers.

  • 18 Dec 2018

• Rare issuer Solvay unsticks growing hybrid market

  

  Belgian chemicals manufacturer Solvay sold its first public corporate bonds for three years on Tuesday when it reopened the European hybrid bond market, which has not seen a new issue since September. Despite the recent dearth of issuance, the market is still set to record an increase of more than 57% on 2017’s total volume.

  • 27 Nov 2018

• Asian bond market gears up for last-minute push despite volatility

  

  After another volatile week, during which primary issuance went from hero to zero and the secondary market tumbled, Asian bond bankers are preparing for what they hope will be a busy last few weeks of the year — possibly until the very last working day of 2018, writes Addison Gong.

  • 22 Nov 2018

• 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

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