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◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche
◆ Both tranches priced close to fair value
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Repsol will aim to issue hybrid bonds to finance an acquisition announced this week, with British Telecommunications widely expected to do the same to help finance its takeover of Everything Everywhere. -
Moody’s downgraded Merck KGaA from A3 to Baa1 on Friday December 12, just four days after the German pharmaceutical company had issued €1.5bn of hybrid bonds as part of the funding of its acquisition of US life sciences company Sigma-Aldrich.
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Two German companies used hybrid bonds to finance acquisitions this week, underlining how corporate hybrid capital has come into its own in 2014 as a useful instrument in the corporate finance toolbox, especially for acquisitions. Merck's €1.5bn deal was its first hybrid, while Deutsche Annington's €1bn issue came just nine days after it had announced its acquisition, writes Richard Metcalf.
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German property company Deutsche Annington has issued a €1bn perpetual non-call seven year bond to fund its €9.4bn acquisition of its rival Gagfah, less than two weeks after the takeover was announced on December 1.
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German pharmaceutical company Merck issued its first hybrid bond, a €1.5bn dual tranche deal, on Monday, less than a week after Volvo issued its first piece of hybrid capital. Merck's notes carry a 2.625% coupon, a record low for corporate hybrid issuance.
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Volvo joined the growing group of corporate issuers of hybrid capital on Wednesday, when it priced its first hybrid bonds. The deal was popular with investors, generating €7.4bn of orders.
