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◆ Hybrids and Reverse Yankees on offer ◆ Market waiting for Iran's response to US strikes ◆ New issue concessions still in single digits
◆ Hybrids fight for attention alongside SLBs and green bonds ◆ Books remain well subscribed ◆ But pressure is building for market sentiment to sharply turn
◆ SSE brings two tranches to Orange’s one ◆ Both trades see substantial orderbook attrition ◆ Hybrids remain attractive proposition for investors
Deal will fund repayment of previous instrument
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Hybrids and crossover rated corporate bond issuers hit screens this week, as the thirst for yield returned to the European market. -
Heimstaden Bostad, the Swedish housing company, had a trickier time in the market with its hybrid capital issue on Thursday than Poste Italiane had a day earlier, suggesting that there is still some sectoral sensitivity among yield-hungry corporate bond buyers.
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The two riskiest issuers in Europe’s corporate bond market on Wednesday both opted for size over pushing hard on pricing. Poste Italiane with its hybrid capital issue and crossover-rated Finnish nuclear power company Teollisuuden Voima priced bigger than expected deals.
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The corporate hybrid market is on a tear, with post-Covid issuance in 2020 of €46.7bn, almost as much as in the two previous years combined, and volume for 2021 already reaching €19.8bn by mid-May. Citi has been on the top-line of 60% of the corporate hybrids issued since the start of the pandemic, leading €38.6bn out of a total €66bn, and on 38 tranches out of 75 issued.
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Prospects for companies to issue more social bonds rose this week, with the debut issue by Electricité de France, a borrower with a long and influential track record in the green bond market.
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Europe’s high grade corporate market this week saw one of its busiest days of the year, with a touch over €4.5bn printed from eight tranches on Wednesday, and investors lapped up most of the deals with ease.
