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◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche
◆ Both tranches priced close to fair value
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Following Electricité de France's successful issue of a €500m hybrid capital bond on Tuesday, Ørsted, the Danish energy group, followed on Wednesday with a €600m hybrid, which is also a green bond. And EDF came back for a 50 year Eurodollar issue. -
Unlike in 2016, investment grade bond buyers reaching for yield after the European Central Bank started buying eurozone corporate bonds have been heading first for longer-dated investment grade and subordinated bonds, rather than dipping down into high yield territory.
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Three companies piled into the euro bond market on Monday, but the deals drew mixed reactions. Two standard investment grade issues from LafargeHolcim and Ford Motor Credit appeared to fare better than a rare green hybrid from Citycon paying a juicy yield.
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Chinese government-owned Beijing Capital Group Co sold a $500m perpetual deal on Thursday, just a couple of weeks ahead of the scheduled call date of an old bond by its real estate arm.
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National Express and Citycon mandated banks on Thursday for bond issues, piling into the November issuance spree before the market goes into hibernation next month.
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Investors piled into a new hybrid bond for hotel group Accor this week to oversubscribe the €500m deal by almost six times. The demand reflected a ramping up of the hunt for yield as the European Central Bank stokes the fires of its corporate bond buying programme.
