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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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Air France KLM may have to offer a yield of up to 6% on its unrated hybrid bonds, according to market participants. -
Centrica, the UK energy company, is to launch its first hybrid bond, and has hired banks to arrange a four day roadshow for a the deal, set to be in sterling and euros.
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French water and waste management company Suez Environnement has refinanced its hybrid bond, due to be called in September, with a new €500m non-call seven year hybrid.
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Deutsche Lufthansa, the German airline company, has announced its intention to issue its first hybrid bond, in the same week that strikes forced it to cancel hundreds of flights.
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Corporate hybrid capital bonds have been a big beneficiary of this year's credit bull run in Europe, powered by quantitative easing, writes Richard Metcalf. But they have not lost their power to cause controversy and upsets.
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Repsol, the Spanish oil company, has issued a €2bn hybrid bond as part of the long term financing for its $8.3bn (€6.6bn) acquisition of Talisman Energy.
