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◆ Two tranches in euros and one in sterling ◆ Combined peak books top €19bn ◆ Investors paid up with chunky sub/senior spreads
Elevated NIPs not to be uniform, with some sectors set to pay more than others
◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread
◆ Energy pair bring three tranches ◆ Sub-100bp senior/hybrid spreads secured ◆ Single digit concessions offered
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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. -
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.
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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.
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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.
