Latest hybrid corporate bonds news

• Telefonica gets max sizes, little or no NIP on hybrid/senior pair

  

  Telefónica, the Spanish telecoms group with €55bn of debt, came to the euro market on Tuesday to refinance two of its hybrid capital bonds. It launched a tender offer for the pair, which now total €1.3bn, and a hybrid new issue to replace them, tacking on opportunistically a 10 year senior bond issue.

  • 08 Mar 2019

• Iberdrola success with green hybrid could provoke rethink

  

  Demand for corporate bonds is strong but it is at its strongest for green and hybrid debt, especially for deals that combine both qualities. On Tuesday, Spanish utility Iberdrola found similar demand for green hybrids to that which Engie and EDP had benefited from in January, and market participants are starting to revise their issuance forecasts for the asset class.

  • 05 Feb 2019

• Happy New Year! Asian issuers end lunar year with a bang

  

  Abundant supply, a diverse crop of issuers and some rare long-tenor deals characterised Asia’s bond market ahead of the week-long Chinese New Year holiday, setting the stage for a positive February. Addison Gong reports.

  • 31 Jan 2019

• Hybrid supply unlikely to match investor demand

  

  Investors have come out in huge numbers to buy the three corporate hybrid deals that have been sold so far in 2019. However, the excess demand is unlikely to be sated as the year unfolds.

  • 30 Jan 2019

• Accor taps deep demand to fund tenders

  

  French hotel company Accor launched new hybrid and senior bond issues on Thursday after announcing the deals at the end of last week. The new deals finance tender offers for some of the company’s existing hybrid and senior notes.

  • 24 Jan 2019

• EDP taps plentiful demand for green hybrid bonds

  

  Following the success of Engie’s green hybrid bond the previous week, the French energy company’s Portuguese peer, EDP, launched its own version on Wednesday. While EDP’s deal did not achieve quite the same demand or tight pricing, the result was still a good one.

  • 23 Jan 2019

• Engie benefits from higher yields to bring tight green hybrid

  

  A year on from selling its first green hybrid bond, French energy company Engie returned to sell another with a slightly longer call date. Demand for the product has remained strong, but the difference in coupons showed how pricing has changed despite the borrower paying virtually no premium over the company’s secondary bonds.

  • 17 Jan 2019

• 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

hybrid corporate bonds news archive