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◆ Spread tightened sharply from IPTs ◆ Small new issue premium paid ◆ Tenders for four hybrids also issued
◆ Second EuGB bond for EDP this year ◆ Issuer 'left a few basis points to get the trade done' ◆ EDP to invest €12bn in renewable energy
Strong inflows help corporate issuers shrug off wider volatility
◆ Reoffer yield second lowest of the year ◆ Euro hybrid yields tear tighter ◆ Proceeds to refinance upcoming maturity
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Thai Airways is meeting investors this week for its first dollar offering and has opted for a senior perpetual bond. Should a bond follow, the borrower will be only the second Thai corporate to tap the dollar hybrid market this year. -
Bayer, the German pharmaceutical and chemical company, set a new benchmark for tight pricing in corporate hybrid capital this week – despite having a big funding need to pay for its $14.2bn acquisition of Merck’s consumer care business.
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Volkswagen, Europe’s leading car company, has turned to some innovative financial instruments in the past two years, as part of the financing for big changes in its corporate structure. Jörg Boche, head of group treasury at Volkswagen in Wolfsburg, talks to Jon Hay about the role hybrid capital and mandatorily convertible bonds play for Volkswagen.
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Bayer, the German pharmaceutical and chemical company, today set a new benchmark for tight pricing in corporate hybrid capital – despite having a big funding need to pay for its $14bn acquisition of Merck’s consumer care business.
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Bayer, the German chemicals and pharmaceuticals firm, will issue about €3bn of hybrid capital as early as tomorrow, as part of the financing for its takeover of Merck & Co’s consumer care business.
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Accor introduced hybrid capital to a new sector of European industry on Monday, becoming the first hotels company to issue a subordinated bond that is treated partly as equity by the rating agencies.
