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◆ 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
◆ UK utility prints €1.3bn dual trancher ◆ Issuer skips guidance as it masses orders north of €10bn ◆ Longer call leg draws stronger demand
◆ Fourth Reverse Yankee hybrid in euros this year ◆ US utility tightens hard on strong demand ◆ American Tower clears €750m trade with little concession
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Volvo joined the growing group of corporate issuers of hybrid capital on Wednesday, when it priced its first hybrid bonds. The deal was popular with investors, generating €7.4bn of orders. -
Merck KGaA, the Darmstadt-based pharmaceutical company, has mandated banks for a hybrid bond issue, as part of the refinancing of loans for its $17bn (€13bn) acquisition of Sigma-Aldrich, the US life sciences and high tech materials group.
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Telefónica, the Spanish broadband and mobile phone company, issued an €850m hybrid bond on Thursday. The perpetual non-call five year deal was priced just 3bp outside the issuer’s curve, according to one banker, a good omen for hybrids being roadshowed by Volvo and Santos.
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Bond investors were out in force on November 25 as they sought to get a slice of Beijing Capital Land’s senior perpetual non call five dollar bond. An improving industry backdrop, good pricing and a favourable structure helped propel the deal past the finishing line.
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Bond investors were out in force on November 25 as they sought to get a slice of Beijing Capital Land’s senior perpetual non call five dollar bond. An improving industry backdrop, good pricing and favourable structure all helped to propel the deal past the finishing line.
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Beijing Capital Land, the real estate arm of Beijing Capital Group – a company owned by the Beijing provincial government - has launched a senior perpetual non call five dollar bond on November 25.
