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High yields and tight senior/sub spread fuel enthusiasm for issuance among investors and issuers
◆ German utilities firm debuts hybrid bonds weeks after first senior deal ◆ Books shrink as issuer pushes tight ◆ Trade lands inside peers
◆ Swisscom pushes senior/sub spread close to record tights ◆ Tennet Germany lines up debut hybrid ◆ Hybrid volumes run ahead of 2025
◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade
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AusNet Services, the Australian power networks company, got a rapturous response from investors for its rare euro hybrid capital bond issue on Tuesday, as they are eager to buy subordinated debt, even though riskier assets sold off last week. -
AusNet Services Holdings, the Australian energy company, was one of a handful of high grade corporate euro mandates announced on Monday morning, as syndicate bankers said that the volatility in the rates market means issuers will need to accept paying wider spreads.
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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.
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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.
