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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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Cheung Kong Infrastructure Holdings (CKI) is on track for a comeback to the dollar hybrid bond market, while India’s National Thermal Power Corp kicked off bookbuilding for a 10 year Reg S offering on Monday. -
Four companies have still not had the equity content of their hybrid bonds restored since Standard & Poor’s stripped the credit from the instruments in October.
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Finnish retail and property company Stockmann has issued an €85m hybrid capital bond, after announcing the deal on Tuesday.
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South Korea’s Doosan Power Systems (DPS) bagged $300m from a hybrid bond on November 30, opting for a guarantee from Export-Import Bank of Korea. While it was a win-win for investors and the issuer, market participants are concerned about excessive use of the guarantee.
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Austrian oil and gas company OMV emerged on Monday with a dual tranche hybrid bond that had been promised since August, but a broader revival for the product may have to wait until next year.
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Doosan Power Systems (DPS) and the Sydney branch of Industrial and Commercial Bank of China started attracting interest from bond investors on November 30, opening books for their respective dollar deals.
