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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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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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Debt bankers expect corporate hybrids to return next year, and several DCM officials are pitching companies in Singapore on deals that will fully count as equity from an accounting point of view — but will not be motivated by a desire to shore up ratings.
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