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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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Engie, the French electricity and gas company, and UK transport firm National Express enjoyed bumper demand for hybrid capital issues on Thursday, as some market participants argued the coronavirus pandemic had changed the way hybrids are seen by issuers. -
Citycon Group, the Nordic shopping centre company, has signed €500m of revolving credit facilities. It wants to shore up its balance sheet as it teeters on the edge of a junk rating.
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Abertis Infraestructuras, the Spanish toll road company, got blowout demand for its hybrid capital issue on Tuesday, as appetite for riskier debt returned to the corporate bond market.
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The high grade corporate bond market burst into life on Monday, with mandates for a diverse range of trades from hybrids to sustainability-linked bonds hitting screens to take advantage of the unexpectedly positive November issuance window.
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Hope of a Covid-19 vaccine ignited risk appetite for equity and corporate credit this week, as companies in struggling sectors enjoyed soaring share prices and printed bonds through fair value, write Mike Turner, Sam Kerr and Aidan Gregory.
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The sharp improvement in risk sentiment this week has opened Europe’s corporate bond market to a wider array of issuers. Some now expect to see hybrid bond issued in the coming weeks.
