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High yields and tight senior/sub spread fuel enthusiasm for issuance among investors and issuers
◆ German utilities firm debuts hybrid bonds weeks after first senior deal ◆ Books shrink as issuer pushes tight ◆ Trade lands inside peers
◆ Swisscom pushes senior/sub spread close to record tights ◆ Tennet Germany lines up debut hybrid ◆ Hybrid volumes run ahead of 2025
◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade
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Corporate and unsecured financial issuance unlikely to restart in earnest as yields climb -
◆ New paper subordinated to existing hybrid stack ◆ Investors keen to pick up high yielding deal ◆ Deal seen as a sign of commitment to hybrid capital
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Concessions climb as Middle East war rocks sentiment and Amazon redefines clearing levels
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◆ Deal only the second ever Kangaroo hybrid ◆ Concession offered on all three tranches ◆ Verizon increasingly looking abroad for hybrid funding
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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
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Elevated NIPs not to be uniform, with some sectors set to pay more than others
