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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  • J Sainsbury, the unrated UK supermarket chain, made its hybrid capital bond debut on Thursday, drawing a strong order book for the sterling deal. Finding fair value was a challenge as Sainsbury's has no outstanding conventional bonds.
  • RWE, the German power company, sold its second hybrid capital bond of 2015 on Thursday — unusually choosing the Eurodollar market — to garner demand from yield-hungry investors in Asia and Switzerland.
  • Neopost, the French postal machinery maker that has used a wide variety of financing markets in recent years, issued its third convertible bond on Thursday June 11, in an unusual structure that will give it equity credit.
  • Sembcorp Industries attracted strong demand for its S$600m ($454m) subordinated perpetual bond, with investors drawn to the credit thanks to its government link and the juicy coupon on offer. The deal ranks as the second largest bond in the Singapore dollar market this year, and is the market's second perp of the year year.
  • Shinsegae Group wrapped up a stylish debut on May 5, printing a 30 year non-call five hybrid in its first appearance in the offshore bond market. The company made a substantial saving over where it could fund in the domestic market but investors were pleased with the pick-up offered over guarantor Kookmin Bank.
  • Dong Energy became the latest in a string of companies to refinance hybrid capital bonds this year, when it issued a €600m 1,000 year non-call 5.5 deal on Wednesday.