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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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Multi-tranche and green bond issuance returned to the investment grade corporate bond market on Tuesday, leaving just the hybrid asset class untouched in 2018. That didn’t last long, as Engie and Aroundtown launched new hybrid deals on Wednesday morning, one of which set new lows for coupons and spreads. -
On Tuesday multi-tranche and green bond issuance returned to the investment grade corporate bond market, leaving just the hybrid asset class untouched in 2018. That didn’t last long, as Engie and Aroundtown launched new hybrid deals on Wednesday morning, one of which set new lows for the product's coupon and spread levels.
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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.
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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.
