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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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UK energy company Centrica has sold its first hybrid bonds, as prospects for issuance of the subordinated instruments remains strong. -
Bayer, the German pharmaceutical company, has issued a €1.3bn 60 year non-call 7.5 year hybrid bond, as its hybrid issued in 2005 approaches its first call date.
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Air France KLM, the unrated Franco-Dutch airline, spiced up the corporate hybrid market this week, offering investors something they hadn’t seen before, writes Richard Metcalf.
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Air France KLM successfully issued its first hybrid bond on Wednesday, a €400m perpetual non-call 5.5 year.
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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.
