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High yields and tight senior/sub spread fuel enthusiasm for issuance among investors and issuers
◆ German utilities firm debuts hybrid bonds weeks after first senior deal ◆ Books shrink as issuer pushes tight ◆ Trade lands inside peers
◆ Swisscom pushes senior/sub spread close to record tights ◆ Tennet Germany lines up debut hybrid ◆ Hybrid volumes run ahead of 2025
◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade
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Volkswagen launched an unexpected hybrid bond on Tuesday, into a corporate bond market weakened by falling rates and heavy supply, and failed to tighten the pricing from initial guidance.
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Air France KLM has hired five banks for a potential hybrid bond issue, as the unrated, high yield airline's €661m convertible bond approaches maturity. -
Vattenfall, the Swedish state energy company, has issued €1.65bn equivalent of hybrid bonds in Swedish kronor and euros.
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Singapore based real estate company Frasers Centrepoint has priced a S$700m ($513.4m) subordinated non call five perpetual bond. The deal, which saw huge investor demand, is the biggest Singapore dollar deal to hit market this year.
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Singapore based real estate company Frasers Centrepoint launched a subordinated non call five Singapore dollar perpetual on the morning of March 2 as its seeks to refinance a multi-billion dollar loan. Market watchers are hoping the deal, which is the first Singapore denominated perpetual bond of 2015, will breathe some life into the Sing dollar market.
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UK energy company SSE issued €600m and £750m of hybrid bonds on Tuesday, as the first call date of its hybrid issued in 2010 draws near.
