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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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French utility garners huge book for second issue of the year -
Orsted bags huge book for hybrid refinancing
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Speculative grade deal defies predictions that investors would play it safe
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US inflation print sends Telia’s hybrid deep into red
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Telecoms company sees ample demand for first subordinated notes of the autumn
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Firms must choose: pay up or risk angering investors
