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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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Fund managers believe specifying use of proceeds on a hybrid is wrong -
Spanish telco lands inside fair value with the year’s hottest bond structure
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Spanish company latest to win eye-popping demand for subordinated debt
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Spain’s electricity transmission monopoly joins red hot market for utilities
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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
