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◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche
◆ Both tranches priced close to fair value
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Ratings agency Moody’s has said that it expects a high level of refinancing of hybrids by utilities in 2018, following €4.2bn of hybrids issued by the sector in 2017. -
Unibail-Rodamco has taken out a €6.1bn bridge facility from its advisers Deutsche Bank and Goldman Sachs, to finance its acquisition of Westfield Corp, the Australian shopping centre operator, for an enterprise value of $24.7bn.
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On Wednesday Spanish telecoms company Telefónica brought the third hybrid from a Spanish corporate issuer this November, following deals by Ferrovial and Iberdrola.
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On Wednesday Spanish telecoms company Telefónica brought the third hybrid from a Spanish corporate issuer this November, following deals by Ferrovial and Iberdrola.
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The supply of hybrid bonds continued this week, with an additional feature — both hybrids sold this week were certified as green bonds.
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On Wednesday morning, it was doom and gloom as secondary spreads had widened and only Vodafone dipped its toe into new issuance waters. But after a stable afternoon and a positive session in the US, Thursday morning brought calm.
