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◆ Smaller trades populate market after roaring week ◆ Air France KLM keeps hybrid momentum going ◆ Cencora and Icade bring no-grow bonds
◆ Transdev debuts among some big trades ◆ Abertis looks to pay zero premium on hybrid ◆ Heidelberg Cement pays low concession after big rally in its debt
◆ Demand solid across seniorities ◆ Hybrid regular Veolia moves into green structure◆ Swisscom shows investors also looking for thinly priced debt
Up to €10bn expected from across the ratings spectrum, but long maturities looking tricky
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The euro corporate hybrid market reopened on Wednesday as Energie Baden-Wuerttemberg sold the second leg of its intended two currency deal, the first part of which was said by onlookers to have been subject to poor market conditions early in the week.
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Showing its openness to ideas from the European continent, the UK this week followed the eurozone into corporate bond quantitative easing. The Bank of England began its long anticipated Corporate Bond Purchase Scheme on Tuesday, and already it appears to be stimulating a flurry of sterling bond issuance.
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German chemicals supplier Lanxess picked two banks to supply its €2bn bridge facility for the acquisition of Chemtura. More banks are set to join in syndication, according to a banker close to the deal. -
German utility company ENBW completed a $300m dollar hybrid bond deal on Monday, attracting 119 Asian and European accounts eager to increase their holdings of the product, despite volatility in euro markets.
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The grins on the faces of Werner Baumann and Hugh Grant, chief executives of Bayer and Monsanto, look genuine enough. The deal they have struck could catapult Baumann to head of the world’s leading agribusiness company and net Grant a reported $226m.
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Spanish telecoms provider Telefónica latched onto the swell of investor demand for riskier corners of the European investment grade corporate bond market on Thursday as it issued a €1bn hybrid bond.
