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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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Calmer book builds than earlier trades hint at less guesswork over pricing -
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
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Investors say these are just the first cracks in Europe’s hybrid bond market
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— Hungary, its investors and their ESG worries — The digital bond markets take a step forward — Aroundtown drama fails to cool hot hybrid market
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Investors say reputational risk is a fallacy and are only interested in making the numbers work
