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◆ 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
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The fragility of corporate hybrid capital was laid bare again this week, when Standard & Poor’s stripped the equity credit from 29 bonds, issued by 14 issuers.
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Standard & Poor’s has taken the corporate hybrid bond market by surprise, by withdrawing the equity credit from 29 bonds, giving issuers only 24 hours' notice before publishing its decision. -
Hybrid capital bankers who have insisted for the last few years that the rating agencies’ criteria were now stable and settled will be eating their words today. Standard & Poor’s has stripped the equity credit from 29 corporate hybrids, though it claims this is not a criteria change.
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After weeks of volatility and fractious executions in Europe's corporate bond markets, BHP Billiton has pulled off the biggest ever corporate hybrid bond sale, proving investors are open to buying even quite challenging deals, if they come with lashings of yield, writes Ross Lancaster.
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Ascendas Real Estate Investment Trust (Reit) attracted strong demand for its S$300m ($210m) subordinated perpetual bond, with institutional investors drawn to its credit rating and good name.
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Ascendas Real Estate Investment Trust (Reit) is looking to raise capital for a planned acquisition in Australia, wooing investors in the Singapore dollar hybrid market.
