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Universal Music, Alstom and Sanctuary Group among those lining up euro and sterling trades
Increased investor interest in utilities hybrids could bring down subordination premium, says SSE treasurer
◆ Book shrinks as deal pushes tight ◆ Proceeds could refi upcoming call ◆ Senior retail denoms make defining a senior/sub spread tricky
French utilities firm to jump into Aussie dollars with hybrid and senior bonds
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◆ First euro bond for NextEra ◆ Spreads tightened on both tranches ◆ Hybrid supply in euros doubles year-on-year
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◆ US telecom launches dual currency debut ◆ Largest hybrids in both currencies since 2020 ◆ Sub/senior spread remains narrow
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◆ Spanish firm first to pair novel EuGB label with a hybrid format ◆ Trade lands far through fair value ◆ Joint largest book this year so far in euros
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◆ Peak demand tops €2.4bn ◆ Spread tightened sharply from IPTs ◆ Spread to senior paper higher than recent deals
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◆ UK tobacco company sells larger than expected €1.2bn dual trancher ◆ Final demand strong despite tighter yields ◆ Sub/senior gap set in the low-100bp area
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Record tight sub/senior spreads could lure US corporates to issue euro hybrids