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High yields and tight senior/sub spread fuel enthusiasm for issuance among investors and issuers
◆ German utilities firm debuts hybrid bonds weeks after first senior deal ◆ Books shrink as issuer pushes tight ◆ Trade lands inside peers
◆ Swisscom pushes senior/sub spread close to record tights ◆ Tennet Germany lines up debut hybrid ◆ Hybrid volumes run ahead of 2025
◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade
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◆ Trade achieves strong tightening ◆ Proceeds to increase volume of Heimstaden Bostad's hybrid stack ◆ Stedin readies green 10 year perp -
◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior
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◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
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◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche ◆ Both tranches priced close to fair value
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Investment grade companies demonstrated just how much liquidity was sloshing around in the euro, dollar, sterling and Swiss franc markets with a string of large deals. But these bonds did not just stand out for the amount issued. Rather, they showed that there is not always a trade-off to be made between size and price
