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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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Deutsche Boerse is set to break a long fallow patch for the euro hybrid market, conducting an investor call on Wednesday for a deal in the format that could price as soon as Thursday.
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J Sainsbury, the unrated UK supermarket chain, made its hybrid capital bond debut on Thursday, drawing a strong order book for the sterling deal. Finding fair value was a challenge as Sainsbury's has no outstanding conventional bonds.
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RWE, the German power company, sold its second hybrid capital bond of 2015 on Thursday — unusually choosing the Eurodollar market — to garner demand from yield-hungry investors in Asia and Switzerland. -
Neopost, the French postal machinery maker that has used a wide variety of financing markets in recent years, issued its third convertible bond on Thursday June 11, in an unusual structure that will give it equity credit.
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Sembcorp Industries attracted strong demand for its S$600m ($454m) subordinated perpetual bond, with investors drawn to the credit thanks to its government link and the juicy coupon on offer. The deal ranks as the second largest bond in the Singapore dollar market this year, and is the market's second perp of the year year.
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Shinsegae Group wrapped up a stylish debut on May 5, printing a 30 year non-call five hybrid in its first appearance in the offshore bond market. The company made a substantial saving over where it could fund in the domestic market but investors were pleased with the pick-up offered over guarantor Kookmin Bank.
