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Hybrid

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◆ Reoffer yield second lowest of the year ◆ Euro hybrid yields tear tighter ◆ Proceeds to refinance upcoming maturity
◆ Borrower prices inside fair value ◆ Sub/senior spread less than 100bp ◆ Issuer accelerates funding to take advantage of good window
The company is by far the most prolific issuer of hybrids in the Gulf
As thrilling as last week's Reverse Yankee-led corporate bond fest in Europe may have been, it did not confirm the market has matured to its magnificent final form
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  • Finnair, the unrated Finnish airline, increased the size of its hybrid capital issue today by €50m to €200m, as Nordic investors supported the credit in a turbulent week.
  • Finnair, the unrated Finnish airline, increased the size of its hybrid capital issue today by €50m to €200m, as Nordic investors supported the credit in a turbulent week.
  • Energias de Portugal ended a five year wait to sell its debut hybrid deal on Thursday, overcoming a weak credit rating to gather a solid oversubscription for the trade.
  • International Container Terminal Services (ICTSI) provided a breath of fresh air to Asia’s bond market with its $450m perpetual deal. The lack of issuance this year from Philippine borrowers worked in the company’s favour, but SMC Global Power Holdings Corp’s quick follow-up had to endure a turn of sentiment in the market.
  • International Container Terminal Services (ICTSI) provided a breath of fresh air to Asia's bond market this week thanks to its $450m perpetual deal. The lack of issuance this year from Philippine borrowers worked in the company’s favour, with the trade opening up an opportunity for more perps to follow.
  • San Miguel Corporation’s SMC Global Power Holdings Corp has mandated eight banks as the company hopes to return to the dollar bond market with perpetual subordinated notes.