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◆ Reoffer yield second lowest of the year ◆ Euro hybrid yields tear tighter ◆ Proceeds to refinance upcoming maturity
◆ Borrower prices inside fair value ◆ Sub/senior spread less than 100bp ◆ Issuer accelerates funding to take advantage of good window
The company is by far the most prolific issuer of hybrids in the Gulf
As thrilling as last week's Reverse Yankee-led corporate bond fest in Europe may have been, it did not confirm the market has matured to its magnificent final form
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Repsol, the Spanish oil company, brought a junk rated hybrid capital bond on Monday, but orders fell away towards the end of the execution process as debt bankers say investors are becoming more price sensitive. -
Repsol, the Spanish oil company, brought a speculative grade rated hybrid capital bond on Monday but orders fell away towards the end of the execution process as debt bankers say investors are becoming more price-sensitive.
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AusNet Services, the Australian power networks company, and Italian power company Enel earned rapturous responses from investors for euro hybrid capital bond issues this week, even though the trades followed a sell-off in riskier assets.
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Enel, the Italian power and gas company, proved that demand still exists in euros for chunky hybrid debt with a €2.2bn dual tranche deal on Wednesday that saw more than three times oversubscription at peak demand and offered no new issue concession.
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AusNet Services, the Australian power networks company, got a rapturous response from investors for its rare euro hybrid capital bond issue on Tuesday, as they are eager to buy subordinated debt, even though riskier assets sold off last week.
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AusNet Services Holdings, the Australian energy company, was one of a handful of high grade corporate euro mandates announced on Monday morning, as syndicate bankers said that the volatility in the rates market means issuers will need to accept paying wider spreads.
