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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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Portugal and KfW lead euro supply with five year as dollar market focuses on second AfDB hybrid -
◆ Hybrid regular Veolia sells new perp ◆ Senior/sub spread lands in low-100bp ◆ Carrefour more than six times subscribed on €650m deal
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'Great' market conditions are not immune to central bank surprises and fund inflow changes
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◆ UK telco 30NC6.6 and 30NC9.6 hybrids ◆ Peak orders more than 6.2 times the total deal size ◆ Spreads tighten 50bp on both legs
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Spate of hybrid capital issues at record tights over senior debt will not endure
