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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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Total, the French oil and gas major, continued the strong run of hybrid trades in the corporate market this week, launching a chunky €1bn note 37.5bp inside initial price thoughts on a yield basis. -
Finnair, the Finnish airline, printed a €200m perpetual non-call three year hybrid capital note this week, the first time a European airline has issued a bond since the Covid-19 crisis began on the continent.
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Investors piled into European corporate hybrids again on Tuesday, with Belgian chemical firm Solvay and Austrian oil company OMV out with well received trades.
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Vodafone, the UK telecoms company, blasted the cobwebs off Europe’s corporate bond market on Monday with the first benchmark issue in August, launching a dual tranche hybrid capital issue that garnered €7bn of demand at guidance and was priced flat to its curve, as investors snapped up higher yielding paper.
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Finnair, the Finnish airline, is looking to print up to €200m of debt to pay for a tender offer on its first call October 2020 hybrid notes.
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OMV, the Austrian oil company, plans to print €1.5bn of hybrid debt in the coming 12 months, and some investors say they expect to see more subordinated corporate issuance as issuers try to patch up their Covid-19 ravaged balance sheets.
