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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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Issuers and investors were baffled this week by Standard & Poor’s decision to remove equity credit from hybrid capital bonds issued by 14 corporate borrowers — a decision that almost comically summed up the often self-referential, circular and abstruse reasoning that has driven the asset class’s history. -
The fragility of corporate hybrid capital was laid bare again this week, when Standard & Poor’s stripped the equity credit from 29 bonds, issued by 14 issuers.
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Standard & Poor’s has taken the corporate hybrid bond market by surprise, by withdrawing the equity credit from 29 bonds, giving issuers only 24 hours' notice before publishing its decision.
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Hybrid capital bankers who have insisted for the last few years that the rating agencies’ criteria were now stable and settled will be eating their words today. Standard & Poor’s has stripped the equity credit from 29 corporate hybrids, though it claims this is not a criteria change.
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After weeks of volatility and fractious executions in Europe's corporate bond markets, BHP Billiton has pulled off the biggest ever corporate hybrid bond sale, proving investors are open to buying even quite challenging deals, if they come with lashings of yield, writes Ross Lancaster.
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Ascendas Real Estate Investment Trust (Reit) attracted strong demand for its S$300m ($210m) subordinated perpetual bond, with institutional investors drawn to its credit rating and good name.
