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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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◆ TDC Net opens books after marketing last week ◆ Starting spread is widest of any deal for almost a year ◆ Harbour Energy out with junk rated hybrid -
AfDB's hybrid is main comparable for pricing CAF's benchmark dollar debut but roadshow feedback also holds key
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◆ Pair of deals follow long gap ◆ Eurofins multiple times subscribed despite small size ◆ Stronger market brings riskier deals
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◆ First hybrid in almost two months ◆ Unibail will use proceeds to tender its novel exchange deal ◆ Three times subscription before books were reconciled
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Outstanding subordinated debt totalling billions of euros no longer has equity credit
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Boad's hybrid has a maturity date, unlike those from AfDB and AFC
