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French utilities firm to jump into Aussie dollars with hybrid and senior bonds
◆ UK utility prints €1.3bn dual trancher ◆ Issuer skips guidance as it masses orders north of €10bn ◆ Longer call leg draws stronger demand
◆ Fourth Reverse Yankee hybrid in euros this year ◆ US utility tightens hard on strong demand ◆ American Tower clears €750m trade with little concession
Energy companies took advantage of record tight spreads as they joined a ‘perfect storm’ of dollar funding
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Cheung Kong Infrastructure Holdings (CKI) made a strong comeback to the dollar hybrid bond market on Monday with a perpetual non-call five. Despite the tight pricing and a structure that some considered weak, investors were keen to participate thanks to the borrower’s credentials and a lack of supply in the primary market. -
Cheung Kong Infrastructure Holdings (CKI) is on track for a comeback to the dollar hybrid bond market, while India’s National Thermal Power Corp kicked off bookbuilding for a 10 year Reg S offering on Monday.
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Four companies have still not had the equity content of their hybrid bonds restored since Standard & Poor’s stripped the credit from the instruments in October.
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Finnish retail and property company Stockmann has issued an €85m hybrid capital bond, after announcing the deal on Tuesday.
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South Korea’s Doosan Power Systems (DPS) bagged $300m from a hybrid bond on November 30, opting for a guarantee from Export-Import Bank of Korea. While it was a win-win for investors and the issuer, market participants are concerned about excessive use of the guarantee.
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Austrian oil and gas company OMV emerged on Monday with a dual tranche hybrid bond that had been promised since August, but a broader revival for the product may have to wait until next year.
