Latest hybrid corporate bonds news

• Enel increases hybrid after successful exchange offer

  

  Enel has completed its exchange offer of new hybrid bonds for old. The process began with a new issue of €300m of 61 year non-call six hybrids, which were priced last week to yield 3.625%.

  • 24 May 2019

• CPI hybrid buyers blindsided by $1bn lawsuit days after launch

  

  CPI Property Group, a central and Eastern European specialist, raised €550m from a hybrid bond on Tuesday, but the debt slumped on Wednesday when a US hedge fund with which it has been fighting a legal battle filed a new $1bn lawsuit in New York. David Greenbaum, CPI’s CFO, told GlobalCapital the allegations were ridiculous and had been concocted in a deliberate attempt to disrupt the deal.

  • 11 Apr 2019

• CPI looking for euro hybrid

  

  CPI Property Group hit screens on Monday, announcing a call to promote a new subordinated euro bond.

  • 08 Apr 2019

• Lafarge rewarded for two year wait with hybrid blowout

  

  Eager demand for hybrid capital issues, amid an environment of low rates, was on show again on Monday, when LafargeHolcim issued its first big deal of this kind. The pricing was tightened by an exceptional amount during the bookbuild — 69bp.

  • 01 Apr 2019

• Total pays no NIP for hybrid as funds crave yield amid rate rally

  

  Total, the French oil company, achieved a flat new issue concession on its €1.5bn hybrid bond on Wednesday, according to bankers away from the deal, as investors swarmed into the book in search of yield.

  • 28 Mar 2019

• Vodafone sells new $2bn hybrid after mando equity credit loss

  

  Vodafone launched and priced on Thursday a $2bn hybrid capital issue, to gain some more equity credit in the eyes of the rating agencies. The deal follows Moody’s decision on Monday to give no equity credit to Vodafone’s £3.4bn mandatorily convertible bond, issued on March 5.

  • 28 Mar 2019

• Total refreshes hybrid stack with new €1.5bn and buyback

  

  Total, the French oil company, issued a €1.5bn hybrid capital bond on Wednesday, at the same time as launching a tender offer to buy back some of its €2.5bn call February 2021 and €1.75bn call May 2022 hybrids.

  • 27 Mar 2019

• 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

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