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◆ Fast money reverses out of SSA bond market ◆ CLO managers face risky ramp startegy ◆ Corporate hybrid bond market runs hot despite volatility
Red-hot corporate hybrid bond market could tempt more debut issuers
◆ Norwegian issuer returns to hybrid market after 2023 debut ◆ Issuer slashes spread by 62.5bp ◆ €5bn peak book drives pricing through fair value
◆ Peak demand tops 10.6 times the deal size ◆ Orders stay glued in after sharp tightening ◆ Issuer tenders outstanding hybrids alongside new bond
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Borrowers bring junk and crossover rated deals as investors clamour for yield
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Borrowers enjoy success by mixing green and conventional tranches on bond issues
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Mandates line up as autumn issuance window bursts open