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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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Singaporean property name Ascendas has made a tender offer to holders of its S$300m ($220m) 4.75% perpetual non call five subordinated bonds that were sold in 2012. A change of control triggered by a merger between the subsidiaries of Ascendas' parent company and government investment company Temasek has allowed Ascendas the option of redeeming the securities. -
China Communications Construction Co (CCCC) has opened books to its maiden deal in the international bond market, having chosen a rare senior perp structure for a debut issue.
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China Communications Construction Co (CCCC) has hired three banks to prepare a dollar-denominated senior perpetual deal. If it goes ahead, the deal will be the borrower's debut in the international bond market.
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UK energy company Centrica has sold its first hybrid bonds, as prospects for issuance of the subordinated instruments remains strong.
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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.
