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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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Vattenfall, the Swedish state energy company, has issued €1.65bn equivalent of hybrid bonds in Swedish kronor and euros. -
Singapore based real estate company Frasers Centrepoint has priced a S$700m ($513.4m) subordinated non call five perpetual bond. The deal, which saw huge investor demand, is the biggest Singapore dollar deal to hit market this year.
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Singapore based real estate company Frasers Centrepoint launched a subordinated non call five Singapore dollar perpetual on the morning of March 2 as its seeks to refinance a multi-billion dollar loan. Market watchers are hoping the deal, which is the first Singapore denominated perpetual bond of 2015, will breathe some life into the Sing dollar market.
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UK energy company SSE issued €600m and £750m of hybrid bonds on Tuesday, as the first call date of its hybrid issued in 2010 draws near.
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French oil company Total pumped up €20bn of orders for its €5bn hybrid bond, the second biggest corporate hybrid ever and the largest amount issued on one day.
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German railway wagon leasing company VTG priced a €250m hybrid bond on Tuesday, the proceeds of which will be used to part-fund its acquisition of rival Ahaus Alstätter Eisenbahn.
