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◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche
◆ Both tranches priced close to fair value
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New structures start to emerge and US issuers will be tempted, but some have qualms about Moody’s generosity -
An €8bn book for its debut hybrid puts company in strong position ahead of rights issue
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Pandora, Grenke, Hochtief and Philips join the scrum
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Market should reject the widespread use of a higher rated hybrid
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Moody’s rates the €750m 30 year hybrid two notches below issuer’s senior
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Leads struggle to spot pricing benefit after Moody's gives hybrid a rating boost
