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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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Dutch national energy company Tennet is preparing to sell the first ever green hybrid capital bond in a deal that bankers unanimously said will fly, but the mandate has sparked calls that the vanilla green market should become larger before the green product base becomes more varied, writes Michael Turner. -
The UAE’s Majid Al Futtaim will begin investor meetings in Asia next week for a subordinated perpetual bond, the first from the Middle East this year.
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UK energy company SSE has hired banks to arrange a rare hybrid bond roadshow, though bankers say the number of deals in the market will be low until a big round of refinancings due to begin next year.
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Hong Kong-based insurer FWD priced a $250m subordinated, perpetual dollar denominated note on Tuesday off the back of a $6.75bn order book, making the deal around 26 times covered.
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Singapore’s Mapletree Investments raised S$625m ($438m) from its debt outing on Thursday, marking the first public Singapore dollar bond of the year.
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Temasek-owned Mapletree Investments is preparing a perpetual bond, hiring two firms to work on the transaction. The currency is yet to be decided, but the firm is mulling between US and Singapore dollars.
