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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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Danish power company Ørsted has wasted no time in issuing under its new name after leaving the Dong Energy brand behind earlier in November. On Thursday the issuer sold a green hybrid and a green senior bond, as well as announcing a tender offer for its shorter dated bonds. -
Investors in green corporate bonds had two very different deals offered to them on Tuesday. Spanish utility Iberdrola sold a green hybrid bond, while Toyota Motor Credit Corp, Toyota’s auto finance subsidiary, offered a long 3.5 year green tranche alongside a seven year non-green tranche.
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Following French food company Danone’s recent hugely successful hybrid corporate debut, investors have been waiting for the next hybrid trade. This week they had two to consider.
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Demand is so hot in Europe's corporate bond market, that with pricing being driven to ever tighter levels, bankers are beginning to believe the rally is self-sustaining, and would continue even without European Central Bank (ECB) support, writes Nigel Owen.
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Two weeks ago four investment grade corporate bond deals totalling €7.4bn were priced on the Monday, but that resulted in the rest of the week being starved of supply. This week however, the five deals that printed on Monday were followed by three more new deals on Tuesday.
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On Tuesday, Spanish infrastructure operator Ferrovial tapped into demand for the enhanced yield offered by hybrid bonds and matched the second lowest coupon ever on such an instrument.
