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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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Aroundtown, the Frankfurt-listed property company, opened 2021’s corporate hybrid capital issuance on Monday. More subordinated deals are already being lined up. -
European high grade corporate bond investors and analysts have spotted an area that might be ripe for performance next year, as senior notes inch towards pre-coronavirus pandemic levels but subordinated spreads have yet to catch up.
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Samhällsbyggnadsbolaget i Norden (SBB), the Swedish social housing company, ploughed through fair value on Tuesday with a debut social bond and return to the hybrid market, as tightening spreads encourage investors to keep their wallets open deeper into December.
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Samhallsbyggnadsbolaget i Norden (SBB), the Swedish social property company, has hired banks for €1bn of new deals made up of a hybrid note and debut social bond, as risk appetite remains strong even heading into the middle of December.
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Opportunistic corporate issuers had a strong week of it in Europe's bond market, increasing deal sizes and enjoying bulging order books as investors turned positive on the outlook for the market.
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Grand City Properties, a German real estate company, opened books on a hybrid trade on Thursday, leaving some corners of the market surprised that investors would still be open to taking on high beta assets this late in the year.
