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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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Market should reject the widespread use of a higher rated hybrid -
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
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AA joins Centrica in sterling, more deals expected
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Agency already counts 10% of highly rated callable capital but unlikely to go higher
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Czech property company ‘would love to issue bonds again’
