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◆ Staggering demand for EnBW green hybrid ◆ Deal lands comfortably inside fair value ◆ Demand for new debt remains high as supply dwindles
◆ Hybrids and Reverse Yankees on offer ◆ Market waiting for Iran's response to US strikes ◆ New issue concessions still in single digits
◆ Hybrids fight for attention alongside SLBs and green bonds ◆ Books remain well subscribed ◆ But pressure is building for market sentiment to sharply turn
◆ SSE brings two tranches to Orange’s one ◆ Both trades see substantial orderbook attrition ◆ Hybrids remain attractive proposition for investors
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Energie Baden-Württemberg (EnBW) hit screens on Monday to sell a pair of green hybrid bonds, returning to the green bond market to follow up on its October 2018 debut.
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Energie Baden-Wuerttemberg hit screens on Monday to sell a pair of green hybrid bonds, returning to the green bond market to follow up on its October 2018 debut. -
Aroundtown, the German property company, chose Tuesday, when the European corporate bond market was otherwise empty of new issues to sell its second hybrid capital deal in as many months.
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China Railway Construction Corp has priced an unusual $1bn subordinated perpetual bond, with more issuers expected to adopt a similar structure in the wake of new guidelines on accounting treatment for corporate perps.
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Enel has completed its exchange offer of new hybrid bonds for old. The process began with a new issue of €300m of 61 year non-call six hybrids, which were priced last week to yield 3.625%.
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CPI Property Group, a central and Eastern European specialist, raised €550m from a hybrid bond on Tuesday, but the debt slumped on Wednesday when a US hedge fund with which it has been fighting a legal battle filed a new $1bn lawsuit in New York. David Greenbaum, CPI’s CFO, told GlobalCapital the allegations were ridiculous and had been concocted in a deliberate attempt to disrupt the deal.
