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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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Wienerberger, the world’s largest brick maker, has replaced two lines of credit with a €400m five year revolver. -
Spain's Gas Natural issued its first hybrid capital bond on Wednesday, raising €1bn, after a two day roadshow.
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Gas Natural Fenosa, the Spanish gas and electricity company, is expected to launch its first hybrid capital issue as early as tomorrow (Wednesday).
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Europe’s corporate bond market is throbbing with deals, and bankers are dismissing the capital markets turmoil of a fortnight ago as a blip that was barely noticed in investment grade credit.
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Tata International priced the first ever Singapore dollar denominated perpetual bond from an Indian issuer on Thursday. Although small, the deal received strong support from private banks and was over six times subscribed.
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Arkema, the French chemicals company, launched its hybrid bond issue successfully on Thursday, having decided to press ahead with the deal despite market conditions that are much less favourable for higher risk deals than in September.
