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High yields and tight senior/sub spread fuel enthusiasm for issuance among investors and issuers
◆ German utilities firm debuts hybrid bonds weeks after first senior deal ◆ Books shrink as issuer pushes tight ◆ Trade lands inside peers
◆ Swisscom pushes senior/sub spread close to record tights ◆ Tennet Germany lines up debut hybrid ◆ Hybrid volumes run ahead of 2025
◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade
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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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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.