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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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BP’s creation of a hybrid curve in euro and sterling on Wednesday garnered more than €20bn-equivalent of demand at guidance, which a banker off the deal said will “absolutely” catch the attention of other major oil companies without hybrid debt. -
BP, the UK oil major, has announced its debut hybrid trade with a multi-tranche triple currency deal mandate. The borrower was looking to steady its credit ratings a day after warning that it was going to write-off up to $17.5bn of assets.
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Europe's corporate bond investors are clamouring for issuers to print higher risk bonds with borrowers proving happy to oblige, as money pumped into the market by the European Central Bank crushes spreads on top-rated, short and medium-dated debt ever tighter, and despite a clear display of pessimism from the US Federal Reserve on Wednesday. Mike Turner reports.
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Volkswagen, the German car company, has waited a long time before issuing any euro bonds from its industrial arm since the Covid-19 crisis began, but on Wednesday it broke its silence — and surprisingly, with a hybrid deal. VW has gone beyond refinancing an old hybrid and added ballast to its balance sheet, helping its ratings, which are on negative outlooks.
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The corporate bond market made a promising start to the week with oil company OMV’s dual tranche bonds and Deutsche Börse’s hybrid trade commanding sizeable books and big price moves, which bodes well for the spate of mandates that have landed on investors’ screens.
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Repsol, the Spanish oil major, had a rip-roaring time in the hybrid capital bond market on Tuesday, achieving bumper books and paying minimal new issue concessions for its dual tranche issue. But some bankers think the market is starting to look too exuberant and may be due a correction.
