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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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The new green hybrid bond from Dutch utility Tennet was trading tighter on Thursday, quelling suggestions from bankers off the trade that the deal’s oversubscription level was an indication that it would underperform. -
The new green hybrid bond from Dutch utility Tennet was trading tighter on Thursday, quelling suggestions from bankers off the trade that the deal’s oversubscription level was an indication that it would underperform.
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Tennet, the Dutch utility, lit up the market with a €1bn green hybrid that came flat to its curve on Wednesday, though some away from the trade said they would have expected to see a slightly larger book for such a well-regarded issuer.
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Lat Am bond markets continued to demonstrate growing risk appetite as Brazilian petrochemical company Braskem began marketing hybrid bonds on Tuesday.
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Tennet, the Dutch utility, has mandated for a long-telegraphed green hybrid bond, as the company looks to protect its credit rating during stakeholder discussions with the German and Dutch governments.
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Europe’s high grade bond market provided some mixed indications of sentiment on Monday with the deals for Takeda and SEE seeing notable differences in demand, leaving syndicate bankers trying to work out what this means for what is expected to be a busy week of issuance.
