GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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Hybrid

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Deal will fund repayment of previous instrument
◆ IG corporates pour into market ◆ Little sign of fatigue despite range of trades on offer ◆ EDP and Kering hit euros and RAC gets blowout response in sterling
◆ Smaller trades populate market after roaring week ◆ Air France KLM keeps hybrid momentum going ◆ Cencora and Icade bring no-grow bonds
◆ Transdev debuts among some big trades ◆ Abertis looks to pay zero premium on hybrid ◆ Heidelberg Cement pays low concession after big rally in its debt
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  • Singapore dollar bonds look to be gaining momentum, with Trafigura, a Dutch commodity trading company, pricing its first Singapore dollar bond on Monday and opting for a perpetual.
  • Greentown China Holdings priced a $500m perpetual bond on January 20. But despite being one of a herd of Chinese property bonds priced so far this year, the issuer surprised some debt bankers by paying a historically small premium over its senior curve.
  • Hong Kong and China Gas (HKCG) sold its first hybrid perpetual bond this week, finding strong demand for its entry into the asset class. The $300m non-call five deal was its first dollar bond since 2008, and rarity and a sound structure helped produce a successful print, said bankers on the deal.
  • Hong Kong and China Gas sold its first hybrid perpetual bond this week, finding strong demand for its entry in to the asset class. The $300m non-call five deal was its first dollar bond since 2008, and rarity and a sound structure helped secure a successful print, said bankers on the deal.
  • Asian borrowers have started selling perpetual bonds again, buoyed by hungry private bank buyers and at least a modicum of clarity around interest rates. But restraint is essential if they are to avoid a repeat of last year, when they pushed the perp structure to its limits and pulled the market down on their own heads.
  • Greentown China Holdings priced a $500m perpetual bond on Monday, and surprised some debt bankers by paying a historically small premium over its senior bond curve for a successful print.