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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 challenge for SSA issuers next year ◆ German banks and the commercial property millstone ◆ Hybrid hot streak explained -
Hybrids find it hard to consistently hit the target as senior/subordinated spread shrinks
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Hybrid deals remain challenging sale for issuers
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Toll road company tightens 50bp and sees ample demand
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Bigger book for senior tranche of debut, but borrower manages to increase size of deal
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BP hybrid sees one of the smallest books of the week
