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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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French water and waste management company Suez Environnement has refinanced its hybrid bond, due to be called in September, with a new €500m non-call seven year hybrid. -
Deutsche Lufthansa, the German airline company, has announced its intention to issue its first hybrid bond, in the same week that strikes forced it to cancel hundreds of flights.
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Corporate hybrid capital bonds have been a big beneficiary of this year's credit bull run in Europe, powered by quantitative easing, writes Richard Metcalf. But they have not lost their power to cause controversy and upsets.
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Repsol, the Spanish oil company, has issued a €2bn hybrid bond as part of the long term financing for its $8.3bn (€6.6bn) acquisition of Talisman Energy.
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Volkswagen launched an unexpected hybrid bond on Tuesday, into a corporate bond market weakened by falling rates and heavy supply, and failed to tighten the pricing from initial guidance.
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Air France KLM has hired five banks for a potential hybrid bond issue, as the unrated, high yield airline's €661m convertible bond approaches maturity.
