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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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◆ Spanish firm first to pair novel EuGB label with a hybrid format ◆ Trade lands far through fair value ◆ Joint largest book this year so far in euros -
◆ Peak demand tops €2.4bn ◆ Spread tightened sharply from IPTs ◆ Spread to senior paper higher than recent deals
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◆ UK tobacco company sells larger than expected €1.2bn dual trancher ◆ Final demand strong despite tighter yields ◆ Sub/senior gap set in the low-100bp area
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Record tight sub/senior spreads could lure US corporates to issue euro hybrids
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◆ Engie draws strong demand despite more chaos in French government ◆ Deal lands at or through fair value ◆ Eurogrid joins EuGB cohort with €1.1bn deal
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Guidance slashed but still a rare chance to earn 10% in primary market
