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◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche
◆ Both tranches priced close to fair value
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South Korea’s Doosan Power Systems (DPS) bagged $300m from a hybrid bond on November 30, opting for a guarantee from Export-Import Bank of Korea. While it was a win-win for investors and the issuer, market participants are concerned about excessive use of the guarantee. -
Austrian oil and gas company OMV emerged on Monday with a dual tranche hybrid bond that had been promised since August, but a broader revival for the product may have to wait until next year.
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Doosan Power Systems (DPS) and the Sydney branch of Industrial and Commercial Bank of China started attracting interest from bond investors on November 30, opening books for their respective dollar deals.
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Korean Air Lines has raised $300m from a hybrid bond that came with a guarantee from the Export-Import Bank of Korea (Kexim). But the issuer’s credit fundamentals posed a challenge, with investors split over finding the best comparable for the notes.
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Chinese water treatment firm Citic Envirotech has printed its first dollar bond, raising $175m from a trade that was designed to take advantage of Asian private banks’ increasing need for yield.
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Shares in Solvay, the Belgian chemical company, closed at €103.65 on Thursday, up 3.1% since Monday night, after shareholders voted to approve the €1.5bn rights issue to finance its takeover of Cytec Industries, the US maker of advanced materials.
