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High yields and tight senior/sub spread fuel enthusiasm for issuance among investors and issuers
◆ German utilities firm debuts hybrid bonds weeks after first senior deal ◆ Books shrink as issuer pushes tight ◆ Trade lands inside peers
◆ Swisscom pushes senior/sub spread close to record tights ◆ Tennet Germany lines up debut hybrid ◆ Hybrid volumes run ahead of 2025
◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade
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Deutsche Annington, the German housing company part-owned by Terra Firma, issued its first hybrid capital bond on Tuesday, raising €700m. It was the first large hybrid capital issue from a European property company, bankers said, and demonstrated clearly how the instrument can be used in acquisition finance. -
Deutsche Annington, the German housing company owned by Terra Firma, issued its first hybrid capital bond today, and achieved a senior-subordinated differential similar to its rating peers, although it trades wider in the senior market.
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Telefónica returned to the hybrid capital market on Monday, six months after its €1.75bn transaction in September, to sell another deal of the same size.
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Telefónica returned to the hybrid capital market on Monday, six months after its €1.75bn transaction in September, to sell another deal of the same size.
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Volkswagen showed its elite status in the debt capital market again this week by issuing €3bn of hybrid capital — the largest corporate hybrid ever sold entirely in euros.
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Volkswagen showed its elite status in the debt capital market again today by issuing €3bn of hybrid capital – the largest corporate hybrid ever sold entirely in euros.
