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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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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.
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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.
