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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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Investors had their pick of unrated, smaller hybrid and sterling deals on day before ECB meeting -
More than €5bn of debt printed, multiple deals tightening more than 30bp during bookbuilding
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Unrated names and a new hybrid issuer plan deals, as bankers warn 2024 will be a '10 month year'
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New structures start to emerge and US issuers will be tempted, but some have qualms about Moody’s generosity
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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
