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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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Hybrids are growing in the US after Moody's criteria change -
Deal subscription levels shoot up as volume collapses, data shows
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Heimstaden's €500m hybrid draws curtain on capital market drama for property companies
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Even those that have not issued early should benefit from the quick movers
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Swedish real estate name offers big pick-up to senior in a way few recent hybrids have
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Swedish company adds to spate of subordinated corporate debt sales this month
