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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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Asia’s primary debt market is set for a busy end to the month with another four issuers - Citic Envirotech, Korean Air Lines, Powerlong Real Estate Holdings and China Construction Bank Asia all looking to attract international investors with deals of their own on Thursday. -
Citic Envirotech has set up a subordinated securities issuance programme in multiple currencies, while Sun Hung Kai Properties (SHKP) is eyeing an offshore bond return.
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Dong Energy and Vattenfall have forgone their right to exercise the rating event call option on their hybrid notes, just two weeks after Standard & Poor’s removed the deals' equity credit.
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Korean Air Lines is getting ready to hit the offshore bond market, having hired a bank and secured a guarantee from the Export-Import Bank of Korea (Kexim) for a hybrid deal.
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Dong Energy and Vattenfall have forgone their right to exercise the rating event call option on their hybrid notes just two weeks after Standard & Poor’s removed the deals' equity credit.
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The corporate hybrid capital market is a fragile origami form designed to please rating agencies, tax authorities, accountants and investors all at once. Standard & Poor’s disrupted it last week by stripping equity credit from 29 deals. The market will get over this. But fundamentally, it remains in denial: hybrids, as they stand, are not a stable, reliable product.
