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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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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.
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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.
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Lufthansa soared after succeeding at its third attempt at a debut hybrid this week, drawing a comfortably subscribed order book and showing few ill effects from the long gestation of the deal.
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Lufthansa succeeded on the third attempt at its debut hybrid deal on Tuesday, shrugging off any fears of sleepy summer markets by gathering a more than three times subscribed book for the trade.
