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◆ IG corporates pour into market ◆ Little sign of fatigue despite range of trades on offer ◆ EDP and Kering hit euros and RAC gets blowout response in sterling
◆ 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
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Dong Energy and Vattenfall have forgone their right to exercise the rating event call option on their hybrid notes, just two weeks after Standard & Poor’s removed the deals' equity credit.
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Korean Air Lines is getting ready to hit the offshore bond market, having hired a bank and secured a guarantee from the Export-Import Bank of Korea (Kexim) for a hybrid deal. -
Dong Energy and Vattenfall have forgone their right to exercise the rating event call option on their hybrid notes just two weeks after Standard & Poor’s removed the deals' equity credit.
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The corporate hybrid capital market is a fragile origami form designed to please rating agencies, tax authorities, accountants and investors all at once. Standard & Poor’s disrupted it last week by stripping equity credit from 29 deals. The market will get over this. But fundamentally, it remains in denial: hybrids, as they stand, are not a stable, reliable product.
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The corporate hybrid capital market is a fragile origami designed to please rating agencies, tax authorities, accountants and investors all at once. Standard & Poor’s disrupted it last week by stripping equity credit from 29 deals. The market will get over this. But fundamentally, it remains in denial: hybrids as they stand are not a stable, reliable product.
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Standard & Poor’s infuriated corporate issuers and hybrid capital bankers this week by stripping the equity credit it had assigned to 29 corporate hybrid issues, in some cases only a few months ago.
