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Increased investor interest in utilities hybrids could bring down subordination premium, says SSE treasurer
◆ Book shrinks as deal pushes tight ◆ Proceeds could refi upcoming call ◆ Senior retail denoms make defining a senior/sub spread tricky
French utilities firm to jump into Aussie dollars with hybrid and senior bonds
◆ UK utility prints €1.3bn dual trancher ◆ Issuer skips guidance as it masses orders north of €10bn ◆ Longer call leg draws stronger demand
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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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