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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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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.
