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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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◆ UK telco 30NC6.6 and 30NC9.6 hybrids ◆ Peak orders more than 6.2 times the total deal size ◆ Spreads tighten 50bp on both legs -
Spate of hybrid capital issues at record tights over senior debt will not endure
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Issuer blazes through smoking hot market ◆ Deal prices through fair value ◆ Spread to senior curve 20bp inside year's other tight trades
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Lull in issuance imminent but searing hot market could entice more borrowers before party ends
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◆ Staggering demand for EnBW green hybrid ◆ Deal lands comfortably inside fair value ◆ Demand for new debt remains high as supply dwindles
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◆ Hybrids and Reverse Yankees on offer ◆ Market waiting for Iran's response to US strikes ◆ New issue concessions still in single digits
