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French utilities firm to jump into Aussie dollars with hybrid and senior bonds
◆ UK utility prints €1.3bn dual trancher ◆ Issuer skips guidance as it masses orders north of €10bn ◆ Longer call leg draws stronger demand
◆ Fourth Reverse Yankee hybrid in euros this year ◆ US utility tightens hard on strong demand ◆ American Tower clears €750m trade with little concession
Energy companies took advantage of record tight spreads as they joined a ‘perfect storm’ of dollar funding
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CK Hutchison sold a hybrid bond featuring a dual-step structure this week, designed to qualify for partial equity treatment from ratings agencies. While demand was strong for the $1bn deal, priced off the back of a $4.25bn book, some handholding was needed to make investors comfortable. Addison Gong reports. -
CK Hutchison priced a $1bn hybrid bond at 4% on Tuesday, with the deal featuring a dual step-up to qualify for partial equity treatment from ratings agencies. And while investor appetite was strong, some handholding was needed behind the scenes.
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CK Hutchison Holdings is making a rapid return to the dollar market, collecting bids for a subordinated perpetual bond on Tuesday, its first hybrid outing after a 2015 restructuring.
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Political power plays in Turkey and the UK have done little to derail EM bond markets this week, but the pipeline is thinner than before Easter, and limited to Russian borrowers.
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Telia and Tennet broke 2017’s euro corporate hybrid fast by bringing trades within a day of each other. Bankers said investors will have the chance to gorge themselves as plenty more issuers are lining up after the success of this week’s deals.
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Corporate hybrid bonds are emerging from hibernation blinking into the spring sunshine this week as Tennet brought the second benchmark sized transaction of the week following fallow months. But syndicate bankers are split over how long the revival will last.
