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◆ Smaller trades populate market after roaring week ◆ Air France KLM keeps hybrid momentum going ◆ Cencora and Icade bring no-grow bonds
◆ Transdev debuts among some big trades ◆ Abertis looks to pay zero premium on hybrid ◆ Heidelberg Cement pays low concession after big rally in its debt
◆ Demand solid across seniorities ◆ Hybrid regular Veolia moves into green structure◆ Swisscom shows investors also looking for thinly priced debt
Up to €10bn expected from across the ratings spectrum, but long maturities looking tricky
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Experian Finance, a credit scoring company, was out in the sterling bond market on Monday as a slew of euro corporate bond mandates hit screens. But the flurry is unlikely to lift a lacklustre September and a final quarter issuance window stymied by the US election means that analysts expect euro debt volumes to be almost flat on 2019. -
Europe’s high grade corporate market continued to offer plenty of demand for riskier structures this week, with multiple hybrids again taking up screen space.
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Corporate bond investors had another chance to pick up some spread on Tuesday after August had closed with a flurry of hybrids, with crossover trades from French nuclear power company Orano and Italian electricity company Enel.
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Companies piled into the bond market with hybrid capital issues this week to raise €4.95bn between them, as syndicate bankers say that they are encouraging as many borrowers as possible to consider pushing out higher risk trades before raising senior debt.
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Total, the French oil and gas major, continued the strong run of hybrid trades in the corporate market this week, launching a chunky €1bn note 37.5bp inside initial price thoughts on a yield basis.
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Finnair, the Finnish airline, printed a €200m perpetual non-call three year hybrid capital note this week, the first time a European airline has issued a bond since the Covid-19 crisis began on the continent.
