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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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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. -
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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Volkswagen used the slipstream of the upbeat corporate bond market this week to print the largest corporate hybrid bond deal of the year to date. The dual tranche offering garnered €8bn of demand.
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Bayer’s €5bn four-tranche corporate bond offering on Tuesday not only cleared the way for other issuers to approach the market, but the €22.5bn of demand gave four issuers the confidence to sell a variety of deals in Europe on Wednesday. €3.5bn was issued in the euro market and £1bn in sterling.
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Austrian oil and gas company OMV sold the first corporate hybrid deal in four weeks on Tuesday when it sold a €500m perpetual bond with a non-call six year structure which was more than three times subscribed.
