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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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J Sainsbury, the unrated UK supermarket chain, made its hybrid capital bond debut on Thursday, drawing a strong order book for the sterling deal. Finding fair value was a challenge as Sainsbury's has no outstanding conventional bonds.
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RWE, the German power company, sold its second hybrid capital bond of 2015 on Thursday — unusually choosing the Eurodollar market — to garner demand from yield-hungry investors in Asia and Switzerland. -
Neopost, the French postal machinery maker that has used a wide variety of financing markets in recent years, issued its third convertible bond on Thursday June 11, in an unusual structure that will give it equity credit.
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Sembcorp Industries attracted strong demand for its S$600m ($454m) subordinated perpetual bond, with investors drawn to the credit thanks to its government link and the juicy coupon on offer. The deal ranks as the second largest bond in the Singapore dollar market this year, and is the market's second perp of the year year.
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Shinsegae Group wrapped up a stylish debut on May 5, printing a 30 year non-call five hybrid in its first appearance in the offshore bond market. The company made a substantial saving over where it could fund in the domestic market but investors were pleased with the pick-up offered over guarantor Kookmin Bank.
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Dong Energy became the latest in a string of companies to refinance hybrid capital bonds this year, when it issued a €600m 1,000 year non-call 5.5 deal on Wednesday.
