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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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The vigorous revival of Europe's corporate bond new issue market, after it was paralysed by the coronavirus crisis in March, has impressed even those who work in the heart of it. But as the range of companies that has accessed the market grows, one group remains absent: Italian firms. The first few may need to pay up a little, but the market is ready for them, bankers said this week. -
The high grade corporate bond market is bursting with deals on Tuesday, with recent record flows prompting some to expect issuers to move down the capital structure and into hybrid deals from next week.
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Akelius Residential Property, the Swedish property company, and British Telecommunications ratcheted in the yields on their hybrid capital issues by 50bp and 60bp respectively this week, as the market clamoured for yield.
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US telecoms company AT&T brought a new type of hybrid deal to Europe’s corporate bond scene this week, as dwindling spreads created seemingly contradictory sweet spots for issuance across the market.
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AT&T, the US telecoms company, broke new ground in the European bond market on Wednesday by issuing a €2bn perpetual non-call five year preferred security.
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Hybrid capital bonds are the flavour of the month. Their roaring success this week and the absence of any clear event that will knock them off their perch means they will quite likely prove the flavour of the year.
