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GC Asia
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Hybrid names continue to flood Europe’s high grade bond market
Europe’s high grade corporate market continued to offer plenty of demand for riskier structures this week, with multiple hybrids again taking up screen space.
03 Sep 2020 -
Orano and Enel bask in investor clamour for yield
Corporate bond investors had another chance to pick up some spread on Tuesday after August had closed with a flurry of hybrids, with crossover trades from French nuclear power company Orano and Italian electricity company Enel.
01 Sep 2020 -
Hybrids storm market as bankers push clients to roll out riskier trades
Companies piled into the bond market with hybrid capital issues this week to raise €4.95bn between them, as syndicate bankers say that they are encouraging as many borrowers as possible to consider pushing out higher risk trades before raising senior debt.
27 Aug 2020 -
Total continues hybrid bonanza in ‘do anything’ market
Total, the French oil and gas major, continued the strong run of hybrid trades in the corporate market this week, launching a chunky €1bn note 37.5bp inside initial price thoughts on a yield basis.
27 Aug 2020 -
Finnair shows airlines can print bonds – at sky high prices
Finnair, the Finnish airline, printed a €200m perpetual non-call three year hybrid capital note this week, the first time a European airline has issued a bond since the Covid-19 crisis began on the continent.
26 Aug 2020 -
Corporate hybrids command chunky books
Investors piled into European corporate hybrids again on Tuesday, with Belgian chemical firm Solvay and Austrian oil company OMV out with well received trades.
25 Aug 2020 -
Vodafone opens corporate bond season with hybrid flat to its curve
Vodafone, the UK telecoms company, blasted the cobwebs off Europe’s corporate bond market on Monday with the first benchmark issue in August, launching a dual tranche hybrid capital issue that garnered €7bn of demand at guidance and was priced flat to its curve, as investors snapped up higher yielding paper.
24 Aug 2020 -
Finnair plots route for hybrid refi
Finnair, the Finnish airline, is looking to print up to €200m of debt to pay for a tender offer on its first call October 2020 hybrid notes.
18 Aug 2020 -
OMV plans hybrid to pay for acquisition after debt rockets
OMV, the Austrian oil company, plans to print €1.5bn of hybrid debt in the coming 12 months, and some investors say they expect to see more subordinated corporate issuance as issuers try to patch up their Covid-19 ravaged balance sheets.
29 Jul 2020 -
Tennet brings green hybrid flat to curve in parched primary market
The new green hybrid bond from Dutch utility Tennet was trading tighter on Thursday, quelling suggestions from bankers off the trade that the deal’s oversubscription level was an indication that it would underperform.
16 Jul 2020
