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◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche
◆ Both tranches priced close to fair value
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OMV, the Austrian oil company, plans to print €1.5bn of hybrid debt in the coming 12 months, and some investors say they expect to see more subordinated corporate issuance as issuers try to patch up their Covid-19 ravaged balance sheets. -
The new green hybrid bond from Dutch utility Tennet was trading tighter on Thursday, quelling suggestions from bankers off the trade that the deal’s oversubscription level was an indication that it would underperform.
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The new green hybrid bond from Dutch utility Tennet was trading tighter on Thursday, quelling suggestions from bankers off the trade that the deal’s oversubscription level was an indication that it would underperform.
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Tennet, the Dutch utility, lit up the market with a €1bn green hybrid that came flat to its curve on Wednesday, though some away from the trade said they would have expected to see a slightly larger book for such a well-regarded issuer.
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Lat Am bond markets continued to demonstrate growing risk appetite as Brazilian petrochemical company Braskem began marketing hybrid bonds on Tuesday.
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Tennet, the Dutch utility, has mandated for a long-telegraphed green hybrid bond, as the company looks to protect its credit rating during stakeholder discussions with the German and Dutch governments.
