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◆ Two tranches in euros and one in sterling ◆ Combined peak books top €19bn ◆ Investors paid up with chunky sub/senior spreads
Elevated NIPs not to be uniform, with some sectors set to pay more than others
◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread
◆ Energy pair bring three tranches ◆ Sub-100bp senior/hybrid spreads secured ◆ Single digit concessions offered
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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.