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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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Air France KLM successfully issued its first hybrid bond on Wednesday, a €400m perpetual non-call 5.5 year. -
Air France KLM may have to offer a yield of up to 6% on its unrated hybrid bonds, according to market participants.
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Centrica, the UK energy company, is to launch its first hybrid bond, and has hired banks to arrange a four day roadshow for a the deal, set to be in sterling and euros.
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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.
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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.
