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◆ Fast money reverses out of SSA bond market ◆ CLO managers face risky ramp startegy ◆ Corporate hybrid bond market runs hot despite volatility
Red-hot corporate hybrid bond market could tempt more debut issuers
◆ Norwegian issuer returns to hybrid market after 2023 debut ◆ Issuer slashes spread by 62.5bp ◆ €5bn peak book drives pricing through fair value
◆ Peak demand tops 10.6 times the deal size ◆ Orders stay glued in after sharp tightening ◆ Issuer tenders outstanding hybrids alongside new bond
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Concessions climb as Middle East war rocks sentiment and Amazon redefines clearing levels -
◆ Deal only the second ever Kangaroo hybrid ◆ Concession offered on all three tranches ◆ Verizon increasingly looking abroad for hybrid funding
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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
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Elevated NIPs not to be uniform, with some sectors set to pay more than others
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◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread
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◆ Energy pair bring three tranches ◆ Sub-100bp senior/hybrid spreads secured ◆ Single digit concessions offered
