GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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Hybrid

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Deal will fund repayment of previous instrument
◆ 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
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  • International Container Terminal Services (ICTSI) provided a breath of fresh air to Asia's bond market this week thanks to its $450m perpetual deal. The lack of issuance this year from Philippine borrowers worked in the company’s favour, with the trade opening up an opportunity for more perps to follow.
  • San Miguel Corporation’s SMC Global Power Holdings Corp has mandated eight banks as the company hopes to return to the dollar bond market with perpetual subordinated notes.
  • Lufthansa soared after succeeding at its third attempt at a debut hybrid this week, drawing a comfortably subscribed order book and showing few ill effects from the long gestation of the deal.
  • Rating: -/BB/-
  • Lufthansa succeeded on the third attempt at its debut hybrid deal on Tuesday, shrugging off any fears of sleepy summer markets by gathering a more than three times subscribed book for the trade.
  • Deutsche Boerse is set to break a long fallow patch for the euro hybrid market, conducting an investor call on Wednesday for a deal in the format that could price as soon as Thursday.