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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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Telia and Tennet broke 2017’s euro corporate hybrid fast by bringing trades within a day of each other. Bankers said investors will have the chance to gorge themselves as plenty more issuers are lining up after the success of this week’s deals. -
Corporate hybrid bonds are emerging from hibernation blinking into the spring sunshine this week as Tennet brought the second benchmark sized transaction of the week following fallow months. But syndicate bankers are split over how long the revival will last.
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Dutch national energy company Tennet is preparing to sell the first ever green hybrid capital bond in a deal that bankers unanimously said will fly, but the mandate has sparked calls that the vanilla green market should become larger before the green product base becomes more varied, writes Michael Turner.
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The UAE’s Majid Al Futtaim will begin investor meetings in Asia next week for a subordinated perpetual bond, the first from the Middle East this year.
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UK energy company SSE has hired banks to arrange a rare hybrid bond roadshow, though bankers say the number of deals in the market will be low until a big round of refinancings due to begin next year.
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Hong Kong-based insurer FWD priced a $250m subordinated, perpetual dollar denominated note on Tuesday off the back of a $6.75bn order book, making the deal around 26 times covered.
