Top Section/Ad
Top Section/Ad
Most recent
◆ Two tranches in euros and one in sterling ◆ Combined peak books top €19bn ◆ Investors paid up with chunky sub/senior spreads
Elevated NIPs not to be uniform, with some sectors set to pay more than others
◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread
◆ Energy pair bring three tranches ◆ Sub-100bp senior/hybrid spreads secured ◆ Single digit concessions offered
More articles/Ad
More articles/Ad
More articles
-
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. -
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.
-
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.
-
The corporate hybrid capital market is a fragile origami 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.
-
Standard & Poor’s infuriated corporate issuers and hybrid capital bankers this week by stripping the equity credit it had assigned to 29 corporate hybrid issues, in some cases only a few months ago.
-
Issuers and investors were baffled this week by Standard & Poor’s decision to remove equity credit from hybrid capital bonds issued by 14 corporate borrowers — a decision that almost comically summed up the often self-referential, circular and abstruse reasoning that has driven the asset class’s history.
