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Deal will fund repayment of previous instrument
◆ IG corporates pour into market ◆ Little sign of fatigue despite range of trades on offer ◆ EDP and Kering hit euros and RAC gets blowout response in sterling
◆ Smaller trades populate market after roaring week ◆ Air France KLM keeps hybrid momentum going ◆ Cencora and Icade bring no-grow bonds
◆ Transdev debuts among some big trades ◆ Abertis looks to pay zero premium on hybrid ◆ Heidelberg Cement pays low concession after big rally in its debt
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Bayer, the German pharmaceutical and chemical company, set a new benchmark for tight pricing in corporate hybrid capital this week – despite having a big funding need to pay for its $14.2bn acquisition of Merck’s consumer care business. -
Volkswagen, Europe’s leading car company, has turned to some innovative financial instruments in the past two years, as part of the financing for big changes in its corporate structure. Jörg Boche, head of group treasury at Volkswagen in Wolfsburg, talks to Jon Hay about the role hybrid capital and mandatorily convertible bonds play for Volkswagen.
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Bayer, the German pharmaceutical and chemical company, today set a new benchmark for tight pricing in corporate hybrid capital – despite having a big funding need to pay for its $14bn acquisition of Merck’s consumer care business.
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Bayer, the German chemicals and pharmaceuticals firm, will issue about €3bn of hybrid capital as early as tomorrow, as part of the financing for its takeover of Merck & Co’s consumer care business.
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Accor introduced hybrid capital to a new sector of European industry on Monday, becoming the first hotels company to issue a subordinated bond that is treated partly as equity by the rating agencies.
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Suez Environnement found very strong demand for a €500m hybrid capital issue on Monday, as it became the first of the crop of companies that issued hybrids in 2010 to begin refinancing them.
