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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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The hail of issuance in European corporate bonds continued at full pelt on Wednesday as Orange and National Grid joined the fray with multi-tranche deals. Investors and issuers seem equally eager to do business.
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Energie Baden-Württemberg (EnBW) hit screens on Monday to sell a pair of green hybrid bonds, returning to the green bond market to follow up on its October 2018 debut.
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Energie Baden-Wuerttemberg hit screens on Monday to sell a pair of green hybrid bonds, returning to the green bond market to follow up on its October 2018 debut.
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Aroundtown, the German property company, chose Tuesday, when the European corporate bond market was otherwise empty of new issues to sell its second hybrid capital deal in as many months.
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China Railway Construction Corp has priced an unusual $1bn subordinated perpetual bond, with more issuers expected to adopt a similar structure in the wake of new guidelines on accounting treatment for corporate perps.
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Enel has completed its exchange offer of new hybrid bonds for old. The process began with a new issue of €300m of 61 year non-call six hybrids, which were priced last week to yield 3.625%.