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Universal Music, Alstom and Sanctuary Group among those lining up euro and sterling trades
Increased investor interest in utilities hybrids could bring down subordination premium, says SSE treasurer
◆ Book shrinks as deal pushes tight ◆ Proceeds could refi upcoming call ◆ Senior retail denoms make defining a senior/sub spread tricky
French utilities firm to jump into Aussie dollars with hybrid and senior bonds
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New record low spread gap between senior and hybrid bonds -
◆ Deal smashes through previous record ◆ Longer tenor helps compress the spread ◆ Strong demand buoys hybrid market
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◆ Trade achieves strong tightening ◆ Proceeds to increase volume of Heimstaden Bostad's hybrid stack ◆ Stedin readies green 10 year perp
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◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior
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◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
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◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche ◆ Both tranches priced close to fair value
