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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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UK energy company Centrica has sold its first hybrid bonds, as prospects for issuance of the subordinated instruments remains strong. -
Bayer, the German pharmaceutical company, has issued a €1.3bn 60 year non-call 7.5 year hybrid bond, as its hybrid issued in 2005 approaches its first call date.
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Air France KLM, the unrated Franco-Dutch airline, spiced up the corporate hybrid market this week, offering investors something they hadn’t seen before, writes Richard Metcalf.
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Air France KLM successfully issued its first hybrid bond on Wednesday, a €400m perpetual non-call 5.5 year.
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Air France KLM may have to offer a yield of up to 6% on its unrated hybrid bonds, according to market participants.
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Centrica, the UK energy company, is to launch its first hybrid bond, and has hired banks to arrange a four day roadshow for a the deal, set to be in sterling and euros.
