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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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Unrated French laboratory testing company Eurofins Scientific has issued a €300m hybrid bond without a roadshow. It was the company’s fourth hybrid bond issue. -
Gas Natural opted for a drive-by execution for its second hybrid bond, a €500m perpetual non-call nine year, and won a €1.1bn book on Tuesday.
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It has become harder for German companies to obtain tax rulings for hybrid capital issues, but that has not stopped them issuing — even if it has diminished some of the accounting benefits, writes Richard Metcalf.
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Investors were eager to buy German media company Bertelsmann’s €1.25bn debut hybrid bond on Thursday, and it achieved tight pricing.
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RWE, the German electricity and gas company, issued €1.25bn of hybrid bonds on Tuesday, which are expected to partly replace its €1.75bn hybrid issued in 2010 and to be callable in September.
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Singaporean property name Ascendas has made a tender offer to holders of its S$300m ($220m) 4.75% perpetual non call five subordinated bonds that were sold in 2012. A change of control triggered by a merger between the subsidiaries of Ascendas' parent company and government investment company Temasek has allowed Ascendas the option of redeeming the securities.
