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◆ Staggering demand for EnBW green hybrid ◆ Deal lands comfortably inside fair value ◆ Demand for new debt remains high as supply dwindles
◆ Hybrids and Reverse Yankees on offer ◆ Market waiting for Iran's response to US strikes ◆ New issue concessions still in single digits
◆ Hybrids fight for attention alongside SLBs and green bonds ◆ Books remain well subscribed ◆ But pressure is building for market sentiment to sharply turn
◆ SSE brings two tranches to Orange’s one ◆ Both trades see substantial orderbook attrition ◆ Hybrids remain attractive proposition for investors
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Corporate bond bankers in Europe are convinced that hybrid capital issuance will continue this year at a similar blistering pace to 2020, despite some deals so far having had tepid demand. -
Europe’s corporate bond investors had the chance to pick up some paper from the hairier end of their credit spectrum as this week began, with Portuguese power company Energias de Portugal and Swedish housing firm Heimstaden Bostad out with hybrid capital issues.
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Total, the French oil and gas company, placed a chunky €3bn hybrid trade on Monday, as the spread between corporate senior and subordinated debt widens after months of tightening.
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The prickly start to the year continued in Europe’s corporate bond market on Wednesday, as hybrid issues for Spanish toll road firm Abertis Infraestructuras and German oil and gas firm Wintershall Dea received opposite reactions from investors.
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Aroundtown, the Frankfurt-listed property company, opened 2021’s corporate hybrid capital issuance on Monday. More subordinated deals are already being lined up.
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European high grade corporate bond investors and analysts have spotted an area that might be ripe for performance next year, as senior notes inch towards pre-coronavirus pandemic levels but subordinated spreads have yet to catch up.
