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◆ Smaller trades populate market after roaring week ◆ Air France KLM keeps hybrid momentum going ◆ Cencora and Icade bring no-grow bonds
◆ Transdev debuts among some big trades ◆ Abertis looks to pay zero premium on hybrid ◆ Heidelberg Cement pays low concession after big rally in its debt
◆ Demand solid across seniorities ◆ Hybrid regular Veolia moves into green structure◆ Swisscom shows investors also looking for thinly priced debt
Up to €10bn expected from across the ratings spectrum, but long maturities looking tricky
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When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies. -
French electricity utility EDF sold the first hybrid corporate bond deal in the euro market for more than two months on Tuesday, as it launched a tender offer for its existing hybrids with the aim of maintaining its existing volume of outstanding bonds.
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The euro senior corporate market slowed right down over the summer, but the actual break in issuance was for barely two weeks. For hybrid deals, however, it was nearly seven weeks from the last new issue to Belgian electricity grid operator Elia’s deal this week.
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Unrated German mail order retailer Otto Group found plenty of demand for its debut hybrid bond on Tuesday. Order books were more than twice oversubscribed following a week-long roadshow.
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The corporate bond market started the week slowly with a pair of well rated German corporates selling two year floating rate notes on Monday. Both had just a sole lead manager.
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