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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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Spain’s electricity transmission monopoly joins red hot market for utilities -
A resurgence in corporate hybrid issuance has highlighted another problem with life after ECB bond buying
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Spanish utility continues trend of corporate hybrids with negative concessions
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Calmer book builds than earlier trades hint at less guesswork over pricing
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Portuguese utility gets almost seven times demand for €1bn subordinated debt
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Huge yield movement during bookbuilding as even 17 banks find IPTs hard to pinpoint
