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High yields and tight senior/sub spread fuel enthusiasm for issuance among investors and issuers
◆ German utilities firm debuts hybrid bonds weeks after first senior deal ◆ Books shrink as issuer pushes tight ◆ Trade lands inside peers
◆ Swisscom pushes senior/sub spread close to record tights ◆ Tennet Germany lines up debut hybrid ◆ Hybrid volumes run ahead of 2025
◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade
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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.
