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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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It has become harder for German companies to obtain tax rulings for hybrid capital issues, but that has not stopped them issuing — even if it has diminished some of the accounting benefits, writes Richard Metcalf. -
Investors were eager to buy German media company Bertelsmann’s €1.25bn debut hybrid bond on Thursday, and it achieved tight pricing.
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RWE, the German electricity and gas company, issued €1.25bn of hybrid bonds on Tuesday, which are expected to partly replace its €1.75bn hybrid issued in 2010 and to be callable in September.
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Singaporean property name Ascendas has made a tender offer to holders of its S$300m ($220m) 4.75% perpetual non call five subordinated bonds that were sold in 2012. A change of control triggered by a merger between the subsidiaries of Ascendas' parent company and government investment company Temasek has allowed Ascendas the option of redeeming the securities.
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China Communications Construction Co (CCCC) has opened books to its maiden deal in the international bond market, having chosen a rare senior perp structure for a debut issue.
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China Communications Construction Co (CCCC) has hired three banks to prepare a dollar-denominated senior perpetual deal. If it goes ahead, the deal will be the borrower's debut in the international bond market.
