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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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Iberdrola, the Spanish energy utility, launched a €3bn dual tranche hybrid capital bond on Wednesday, as syndicate bankers say the hunt for yield is encouraging issuers to push boundaries on the amounts they raise in hybrid issues.
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High grade corporate bond investors had their pick of crossover deals this week, with Inwit, Veolia and Cellnex offering trades on the periphery of junk ratings, with demand solid as risk appetite remains strong.
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Veolia, the French water and waste company, and Spanish telecoms infrastructure firm Cellnex were out with crossover rated debt on Wednesday, giving investment grade corporate investors a double chance to pick up spreads at the higher end of their remit. -
Crossover credit Inwit showed that the return of risk demand is still going strong this week, with the Italian wireless infrastructure company drumming up €3.7bn of demand for its trade.
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Europe’s investment grade corporate bond market saw trades from the Covid-19 rocked real estate sector on Thursday, with Immofinanz and Heimstaden Bostad attracting less demand than recent similarly rated trades.
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Europe’s high grade corporate issuers secured another day of bulging order books on Wednesday, as concerns about scant primary supply to come washed away investor jitters about a collapsed $2.2tr fiscal stimulus deal in the US.
