GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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Hybrid

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Deal will fund repayment of previous instrument
◆ IG corporates pour into market ◆ Little sign of fatigue despite range of trades on offer ◆ EDP and Kering hit euros and RAC gets blowout response in sterling
◆ Smaller trades populate market after roaring week ◆ Air France KLM keeps hybrid momentum going ◆ Cencora and Icade bring no-grow bonds
◆ Transdev debuts among some big trades ◆ Abertis looks to pay zero premium on hybrid ◆ Heidelberg Cement pays low concession after big rally in its debt
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  • Tata International priced the first ever Singapore dollar denominated perpetual bond from an Indian issuer on Thursday. Although small, the deal received strong support from private banks and was over six times subscribed.
  • Arkema, the French chemicals company, launched its hybrid bond issue successfully on Thursday, having decided to press ahead with the deal despite market conditions that are much less favourable for higher risk deals than in September.
  • Arkema, the French chemicals company, launched its hybrid bond issue successfully on Thursday, having decided to press ahead with the deal despite market conditions that are much less favourable for higher risk deals than in September.
  • Arkema, the French chemicals company, announced on Tuesday a roadshow for a hybrid capital issue, despite volatile market conditions in which corporate hybrids in particular have been knocked wider.
  • Standard & Poor’s lowered the regional scale issue ratings on six corporate hybrids in Asia by one notch this week, prompting a slight sell-off in the instruments. While short term volatility is expected, the changes are unlikely to have any impact on future issuance.
  • The market for bond issues tailored to the specific needs of socially responsible investors has hit its stride since 2013. What had been a niche product for specialist investors suddenly became mainstream. However, banks — so often at the forefront of innovation — have so far been behind the curve. That looks like it’s about to change, as Nathan Collins finds out.