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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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Finnair, the unrated Finnish airline, increased the size of its hybrid capital issue today by €50m to €200m, as Nordic investors supported the credit in a turbulent week. -
Finnair, the unrated Finnish airline, increased the size of its hybrid capital issue today by €50m to €200m, as Nordic investors supported the credit in a turbulent week.
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Energias de Portugal ended a five year wait to sell its debut hybrid deal on Thursday, overcoming a weak credit rating to gather a solid oversubscription for the trade.
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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.
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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.
