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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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Citic Envirotech has set up a subordinated securities issuance programme in multiple currencies, while Sun Hung Kai Properties (SHKP) is eyeing an offshore bond return. -
Dong Energy and Vattenfall have forgone their right to exercise the rating event call option on their hybrid notes, just two weeks after Standard & Poor’s removed the deals' equity credit.
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Korean Air Lines is getting ready to hit the offshore bond market, having hired a bank and secured a guarantee from the Export-Import Bank of Korea (Kexim) for a hybrid deal.
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Dong Energy and Vattenfall have forgone their right to exercise the rating event call option on their hybrid notes just two weeks after Standard & Poor’s removed the deals' equity credit.
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The corporate hybrid capital market is a fragile origami form designed to please rating agencies, tax authorities, accountants and investors all at once. Standard & Poor’s disrupted it last week by stripping equity credit from 29 deals. The market will get over this. But fundamentally, it remains in denial: hybrids, as they stand, are not a stable, reliable product.
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The corporate hybrid capital market is a fragile origami designed to please rating agencies, tax authorities, accountants and investors all at once. Standard & Poor’s disrupted it last week by stripping equity credit from 29 deals. The market will get over this. But fundamentally, it remains in denial: hybrids as they stand are not a stable, reliable product.
