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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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Dong Energy became the latest in a string of companies to refinance hybrid capital bonds this year, when it issued a €600m 1,000 year non-call 5.5 deal on Wednesday. -
Unrated French laboratory testing company Eurofins Scientific has issued a €300m hybrid bond without a roadshow. It was the company’s fourth hybrid bond issue.
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Gas Natural opted for a drive-by execution for its second hybrid bond, a €500m perpetual non-call nine year, and won a €1.1bn book on Tuesday.
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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.
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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.
