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High yields and tight senior/sub spread fuel enthusiasm for issuance among investors and issuers
◆ German utilities firm debuts hybrid bonds weeks after first senior deal ◆ Books shrink as issuer pushes tight ◆ Trade lands inside peers
◆ Swisscom pushes senior/sub spread close to record tights ◆ Tennet Germany lines up debut hybrid ◆ Hybrid volumes run ahead of 2025
◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade
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A resurgence in corporate hybrid issuance has highlighted another problem with life after ECB bond buying -
Spanish utility continues trend of corporate hybrids with negative concessions
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Calmer book builds than earlier trades hint at less guesswork over pricing
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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
