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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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China Communications Construction Co (CCCC) has opened books to its maiden deal in the international bond market, having chosen a rare senior perp structure for a debut issue. -
China Communications Construction Co (CCCC) has hired three banks to prepare a dollar-denominated senior perpetual deal. If it goes ahead, the deal will be the borrower's debut in the international bond market.
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UK energy company Centrica has sold its first hybrid bonds, as prospects for issuance of the subordinated instruments remains strong.
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Bayer, the German pharmaceutical company, has issued a €1.3bn 60 year non-call 7.5 year hybrid bond, as its hybrid issued in 2005 approaches its first call date.
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Air France KLM, the unrated Franco-Dutch airline, spiced up the corporate hybrid market this week, offering investors something they hadn’t seen before, writes Richard Metcalf.
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Air France KLM successfully issued its first hybrid bond on Wednesday, a €400m perpetual non-call 5.5 year.
