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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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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.
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Arkema, the French chemicals company, announced on Tuesday a roadshow for a hybrid capital issue, despite volatile market conditions in which corporate hybrids in particular have been knocked wider.
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Standard & Poor’s lowered the regional scale issue ratings on six corporate hybrids in Asia by one notch this week, prompting a slight sell-off in the instruments. While short term volatility is expected, the changes are unlikely to have any impact on future issuance. -
The market for bond issues tailored to the specific needs of socially responsible investors has hit its stride since 2013. What had been a niche product for specialist investors suddenly became mainstream. However, banks — so often at the forefront of innovation — have so far been behind the curve. That looks like it’s about to change, as Nathan Collins finds out.
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This time last year, no corporate green bonds had been issued, and only one corporate SRI bond. Since then, a dozen companies have issued them, mostly in Europe. The flow of corporate green bonds has resembled a stream rather than a torrent, but as the product edges towards maturity, more and more companies are expected to join the ranks of green bond issuers. Richard Metcalf reports.
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Orange, the French telecoms company, showed the potential of the hybrid capital market for financing mergers and acquisitions on Wednesday, when it raised €3bn towards its €3.4bn acquisition of Jazztel, the Spanish cable and mobile company, just eight days after announcing the bid. Orange did not use a bridge loan for the deal.
