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◆ Two tranches in euros and one in sterling ◆ Combined peak books top €19bn ◆ Investors paid up with chunky sub/senior spreads
Elevated NIPs not to be uniform, with some sectors set to pay more than others
◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread
◆ Energy pair bring three tranches ◆ Sub-100bp senior/hybrid spreads secured ◆ Single digit concessions offered
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Ørsted, the Danish power company, pushed into the green hybrid sterling market on Wednesday, with the largely UK-based sterling buyer base proving to be just as keen on the debt as their euro counterparts. -
Ørsted, the Danish power company, has mandated for its first green hybrid capital issue in sterling, as subordinated green, social and sustainability debt is tipped to continue finding chunky demand from investors this year.
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Telecoms firm Telefónica and utility Iberdrola showed the depth of demand for green hybrids this week, with both Spanish companies building large order books.
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Telefónica, the Spanish telecommunications company, showed the depth of demand for green hybrids on Wednesday, with a seven times oversubscribed trade that came a day after a similarly successful deal from compatriot issuer Iberdrola.
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Iberdrola, the Spanish utility, received booming demand for its green hybrid on Tuesday, as the combination of a higher yield and green debt helped books swell to €9.5bn.
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Europe’s corporate bond investors had the chance to pick up some paper from the riskier end of their credit spectrum as the week began, with Portuguese power company Energias de Portugal (EDP) and Swedish housing firm Heimstaden Bostad out with hybrid capital issues.
