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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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Corporate bond bankers in Europe are convinced that hybrid capital issuance will continue this year at a similar blistering pace to 2020, despite some deals so far having had tepid demand. -
Europe’s corporate bond investors had the chance to pick up some paper from the hairier end of their credit spectrum as this week began, with Portuguese power company Energias de Portugal and Swedish housing firm Heimstaden Bostad out with hybrid capital issues.
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Total, the French oil and gas company, placed a chunky €3bn hybrid trade on Monday, as the spread between corporate senior and subordinated debt widens after months of tightening.
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The prickly start to the year continued in Europe’s corporate bond market on Wednesday, as hybrid issues for Spanish toll road firm Abertis Infraestructuras and German oil and gas firm Wintershall Dea received opposite reactions from investors.
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Aroundtown, the Frankfurt-listed property company, opened 2021’s corporate hybrid capital issuance on Monday. More subordinated deals are already being lined up.
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European high grade corporate bond investors and analysts have spotted an area that might be ripe for performance next year, as senior notes inch towards pre-coronavirus pandemic levels but subordinated spreads have yet to catch up.
