Top Section/Ad
Top Section/Ad
Most recent
High yields and tight senior/sub spread fuel enthusiasm for issuance among investors and issuers
◆ German utilities firm debuts hybrid bonds weeks after first senior deal ◆ Books shrink as issuer pushes tight ◆ Trade lands inside peers
◆ Swisscom pushes senior/sub spread close to record tights ◆ Tennet Germany lines up debut hybrid ◆ Hybrid volumes run ahead of 2025
◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade
More articles/Ad
More articles/Ad
More articles
-
Investors in green corporate bonds had two very different deals offered to them on Tuesday. Spanish utility Iberdrola sold a green hybrid bond, while Toyota Motor Credit Corp, Toyota’s auto finance subsidiary, offered a long 3.5 year green tranche alongside a seven year non-green tranche. -
Following French food company Danone’s recent hugely successful hybrid corporate debut, investors have been waiting for the next hybrid trade. This week they had two to consider.
-
Demand is so hot in Europe's corporate bond market, that with pricing being driven to ever tighter levels, bankers are beginning to believe the rally is self-sustaining, and would continue even without European Central Bank (ECB) support, writes Nigel Owen.
-
Two weeks ago four investment grade corporate bond deals totalling €7.4bn were priced on the Monday, but that resulted in the rest of the week being starved of supply. This week however, the five deals that printed on Monday were followed by three more new deals on Tuesday.
-
On Tuesday, Spanish infrastructure operator Ferrovial tapped into demand for the enhanced yield offered by hybrid bonds and matched the second lowest coupon ever on such an instrument.
-
On Monday, French laboratory testing company Eurofins Scientific followed last Monday’s €299m equity sale with a €300m hybrid deal paying very little new issue premium, as the firm’s funding keeps pace with its acquisitions.
