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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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Corporate hybrid issuance up over 70% in 2025 as borrowers refi -
◆ Spread tightened sharply from IPTs ◆ Small new issue premium paid ◆ Tenders for four hybrids also issued
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◆ 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
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Strong inflows help corporate issuers shrug off wider volatility
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◆ Reoffer yield second lowest of the year ◆ Euro hybrid yields tear tighter ◆ Proceeds to refinance upcoming maturity
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◆ Borrower prices inside fair value ◆ Sub/senior spread less than 100bp ◆ Issuer accelerates funding to take advantage of good window
