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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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◆ 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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Investment grade companies demonstrated just how much liquidity was sloshing around in the euro, dollar, sterling and Swiss franc markets with a string of large deals. But these bonds did not just stand out for the amount issued. Rather, they showed that there is not always a trade-off to be made between size and price
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Corporate hybrid issuance up over 70% in 2025 as borrowers refi
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◆ Spread tightened sharply from IPTs ◆ Small new issue premium paid ◆ Tenders for four hybrids also issued
