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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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CPI Property Group hit screens on Monday, announcing a call to promote a new subordinated euro bond. -
Eager demand for hybrid capital issues, amid an environment of low rates, was on show again on Monday, when LafargeHolcim issued its first big deal of this kind. The pricing was tightened by an exceptional amount during the bookbuild — 69bp.
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Total, the French oil company, achieved a flat new issue concession on its €1.5bn hybrid bond on Wednesday, according to bankers away from the deal, as investors swarmed into the book in search of yield.
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Vodafone launched and priced on Thursday a $2bn hybrid capital issue, to gain some more equity credit in the eyes of the rating agencies. The deal follows Moody’s decision on Monday to give no equity credit to Vodafone’s £3.4bn mandatorily convertible bond, issued on March 5.
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Total, the French oil company, issued a €1.5bn hybrid capital bond on Wednesday, at the same time as launching a tender offer to buy back some of its €2.5bn call February 2021 and €1.75bn call May 2022 hybrids.
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Telefónica, the Spanish telecoms group with €55bn of debt, came to the euro market on Tuesday to refinance two of its hybrid capital bonds. It launched a tender offer for the pair, which now total €1.3bn, and a hybrid new issue to replace them, tacking on opportunistically a 10 year senior bond issue.
