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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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German hybrid capital instruments, from both financial institutions and companies, have escaped - for the time being - a serious threat from a tax proposal by the Bundesrat, the upper house of Germany's parliament, writes Richard Metcalf. -
German hybrid capital instruments, from both financial institutions and companies, are under threat from a tax proposal of the Bundesrat, the upper house of Germany's parliament.
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Europe’s corporate bond new issue market is done for the year, but January is likely to be busy, right from the off.
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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.
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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.
