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◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche
◆ Both tranches priced close to fair value
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Denmark’s Dong Energy re-opened Europe’s corporate hybrid bond market in style on Thursday, when it sold a Eu700m note that attracted Eu3.1bn of orders.
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Denmark’s Dong Energy was set to price a Eu700m hybrid bond on Thursday afternoon to reopen the market for European corporate borrowers. The state-owned company launched the deal on Thursday morning after announcing a tender offer for its outstanding Eu1.1bn hybrid note.
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The European investment grade corporate bond market will have a vintage year in 2011, say bankers, despite a lack of liquidity in the sector over the last few weeks and dwindling supply. While the market has closed for 2010, DCM managers are already looking ahead to a busy first quarter next year as pipelines for January build.
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