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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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◆ Why Europe's corporate bond market is on a roll ◆ Reverse Yankees, hot hybrids and huge size with more to come ◆ Europe's stock exchanges' attempts to drum up more IPOs -
Verizon and NextEra's jumbo hybrids could entice more US issuers to follow
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◆ First euro bond for NextEra ◆ Spreads tightened on both tranches ◆ Hybrid supply in euros doubles year-on-year
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◆ US telecom launches dual currency debut ◆ Largest hybrids in both currencies since 2020 ◆ Sub/senior spread remains narrow
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◆ Spanish firm first to pair novel EuGB label with a hybrid format ◆ Trade lands far through fair value ◆ Joint largest book this year so far in euros
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◆ Peak demand tops €2.4bn ◆ Spread tightened sharply from IPTs ◆ Spread to senior paper higher than recent deals
