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◆ Two tranches in euros and one in sterling ◆ Combined peak books top €19bn ◆ Investors paid up with chunky sub/senior spreads
Elevated NIPs not to be uniform, with some sectors set to pay more than others
◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread
◆ Energy pair bring three tranches ◆ Sub-100bp senior/hybrid spreads secured ◆ Single digit concessions offered
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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. -
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.
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Italian energy company Enel sold €1.25bn of new hybrid bonds this week to help fund the repurchase of its hybrids with 2019 and 2020 call dates.
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On Tuesday, Italian energy company Enel sold €1.25bn of new hybrid bonds to help fund the repurchase of its hybrids with 2019 and 2020 call dates. The buyback was announced after the firm’s chief financial officer announced that the company would refinance up to €3.5bn of hybrids at a cost of about 3.5%.
