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French utilities firm to jump into Aussie dollars with hybrid and senior bonds
◆ UK utility prints €1.3bn dual trancher ◆ Issuer skips guidance as it masses orders north of €10bn ◆ Longer call leg draws stronger demand
◆ Fourth Reverse Yankee hybrid in euros this year ◆ US utility tightens hard on strong demand ◆ American Tower clears €750m trade with little concession
Energy companies took advantage of record tight spreads as they joined a ‘perfect storm’ of dollar funding
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Firmenich, a Swiss fragrance and flavour company, will this week become the first hybrid bond issuer since the coronavirus pandemic hit Europe, in a deal that will be closely watched by the market. -
The vigorous revival of Europe's corporate bond new issue market, after it was paralysed by the coronavirus crisis in March, has impressed even those who work in the heart of it. But as the range of companies that has accessed the market grows, one group remains absent: Italian firms. The first few may need to pay up a little, but the market is ready for them, bankers said this week.
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The high grade corporate bond market is bursting with deals on Tuesday, with recent record flows prompting some to expect issuers to move down the capital structure and into hybrid deals from next week.
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Akelius Residential Property, the Swedish property company, and British Telecommunications ratcheted in the yields on their hybrid capital issues by 50bp and 60bp respectively this week, as the market clamoured for yield.
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US telecoms company AT&T brought a new type of hybrid deal to Europe’s corporate bond scene this week, as dwindling spreads created seemingly contradictory sweet spots for issuance across the market.
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AT&T, the US telecoms company, broke new ground in the European bond market on Wednesday by issuing a €2bn perpetual non-call five year preferred security.
