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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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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. -
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.
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Singapore’s Mapletree Investments raised S$625m ($438m) from its debt outing on Thursday, marking the first public Singapore dollar bond of the year.
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Temasek-owned Mapletree Investments is preparing a perpetual bond, hiring two firms to work on the transaction. The currency is yet to be decided, but the firm is mulling between US and Singapore dollars.
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SES, the Luxembourg-based satellite operator, issued its second hybrid bond of the year on Tuesday as it pounced on a calm day in the euro corporate bond market and captured an increase in risk sentiment.
