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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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China Railway Construction Corp is meeting investors this week in connection with a possible perpetual non call five offering. -
Europe’s corporate bond market was knocked sideways on Thursday by a gust of fear about peripheral Europe, after problems deepened at Portugal's Banco Espírito Santo. The market has not shut down, but ACS, the Spanish construction company, pulled a deal and no issuer managed to price tighter than its initial thoughts.
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The buzzwords in corporate hybrid capital are stability and standardisation. Market participants are delighted to have found a template structure that suits all the rating agencies, enabling the product to take off. Dozens of companies now issue, in deals of €150m to €6bn. But while all welcome this calm, hybrids still rely on a complex interaction of rating, accounting and tax treatments. This precise balance works for now, but is unlikely to go unchanged forever. Jon Hay reports.
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Thai Airways is meeting investors this week for its first dollar offering and has opted for a senior perpetual bond. Should a bond follow, the borrower will be only the second Thai corporate to tap the dollar hybrid market this year.
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Bayer, the German pharmaceutical and chemical company, set a new benchmark for tight pricing in corporate hybrid capital this week – despite having a big funding need to pay for its $14.2bn acquisition of Merck’s consumer care business.
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Volkswagen, Europe’s leading car company, has turned to some innovative financial instruments in the past two years, as part of the financing for big changes in its corporate structure. Jörg Boche, head of group treasury at Volkswagen in Wolfsburg, talks to Jon Hay about the role hybrid capital and mandatorily convertible bonds play for Volkswagen.
