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◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche
◆ Both tranches priced close to fair value
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Origin Energy has named Barclays, Goldman Sachs and UBS as lead banks in preparation for a five day roadshow across Europe and Asia for a possible hybrid capital issue. -
China Railway Construction Corp (CRCC) priced its debut perpetual bond on July 24. Its investor friendly structure enabled the borrower to price with the lowest coupon of any senior dollar perpetuals from Asia, according to bankers.
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Thai Airways has postponed its perpetual offering as it is yet to agree on the format of the bond. With the Thai militia wading in on the governance of its flagship airline, bankers say it is proving difficult to reach an agreement on the perp's structure with investors.
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China Railway Construction Corp is meeting investors this week in connection with a possible perpetual non call five offering.
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Europe’s corporate bond market was knocked sideways on Thursday by a gust of fear about peripheral Europe, after problems deepened at Portugal's Banco Espírito Santo. The market has not shut down, but ACS, the Spanish construction company, pulled a deal and no issuer managed to price tighter than its initial thoughts.
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The buzzwords in corporate hybrid capital are stability and standardisation. Market participants are delighted to have found a template structure that suits all the rating agencies, enabling the product to take off. Dozens of companies now issue, in deals of €150m to €6bn. But while all welcome this calm, hybrids still rely on a complex interaction of rating, accounting and tax treatments. This precise balance works for now, but is unlikely to go unchanged forever. Jon Hay reports.
