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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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Power group refinances sterling and dollar notes coming up for call -
IG paves way for hybrid issuers who could in turn encourage HY
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The unrated issuer found pockets of demand in the German-speaking world and beyond
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French corporate makes early dash for deeply subordinated cash
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Corporate and FIG issuers forced to pay up as investors shut up shop
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ESG bond market demonstrates ample appetite for both trades as Henkel preps dual currency SLB
