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Universal Music, Alstom and Sanctuary Group among those lining up euro and sterling trades
Increased investor interest in utilities hybrids could bring down subordination premium, says SSE treasurer
◆ Book shrinks as deal pushes tight ◆ Proceeds could refi upcoming call ◆ Senior retail denoms make defining a senior/sub spread tricky
French utilities firm to jump into Aussie dollars with hybrid and senior bonds
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◆ Hybrid regular Veolia sells new perp ◆ Senior/sub spread lands in low-100bp ◆ Carrefour more than six times subscribed on €650m deal -
'Great' market conditions are not immune to central bank surprises and fund inflow changes
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◆ UK telco 30NC6.6 and 30NC9.6 hybrids ◆ Peak orders more than 6.2 times the total deal size ◆ Spreads tighten 50bp on both legs
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Spate of hybrid capital issues at record tights over senior debt will not endure
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Issuer blazes through smoking hot market ◆ Deal prices through fair value ◆ Spread to senior curve 20bp inside year's other tight trades
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Lull in issuance imminent but searing hot market could entice more borrowers before party ends
