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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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Concerns heightened that investors will struggle to swallow up to €30bn a year of subordinated debt -
Subordinated corporate debt investors are stuck in a quantitative easing mindset
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Company spokesperson can’t rule out possibility of deferring payment after firm dallied with postponing last payment
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Bulging orderbook and no concession paid in first hybrid since Credit Suisse taken over
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Transmission company pays zero concession despite wobbles in rates market
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Risky structure will be closely watched for clues to sentiment
