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Hybrid

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◆ Book shrinks as deal pushes tight ◆ Proceeds could refi upcoming call ◆ Senior retail denoms make defining a senior/sub spread tricky
French utilities firm to jump into Aussie dollars with hybrid and senior bonds
◆ UK utility prints €1.3bn dual trancher ◆ Issuer skips guidance as it masses orders north of €10bn ◆ Longer call leg draws stronger demand
◆ Fourth Reverse Yankee hybrid in euros this year ◆ US utility tightens hard on strong demand ◆ American Tower clears €750m trade with little concession
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  • International Container Terminal Services (ICTSI) provided a breath of fresh air to Asia's bond market this week thanks to its $450m perpetual deal. The lack of issuance this year from Philippine borrowers worked in the company’s favour, with the trade opening up an opportunity for more perps to follow.
  • San Miguel Corporation’s SMC Global Power Holdings Corp has mandated eight banks as the company hopes to return to the dollar bond market with perpetual subordinated notes.
  • Lufthansa soared after succeeding at its third attempt at a debut hybrid this week, drawing a comfortably subscribed order book and showing few ill effects from the long gestation of the deal.
  • Rating: -/BB/-
  • Lufthansa succeeded on the third attempt at its debut hybrid deal on Tuesday, shrugging off any fears of sleepy summer markets by gathering a more than three times subscribed book for the trade.
  • Deutsche Boerse is set to break a long fallow patch for the euro hybrid market, conducting an investor call on Wednesday for a deal in the format that could price as soon as Thursday.