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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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Bayer, the German pharmaceutical and chemical company, today set a new benchmark for tight pricing in corporate hybrid capital – despite having a big funding need to pay for its $14bn acquisition of Merck’s consumer care business. -
Bayer, the German chemicals and pharmaceuticals firm, will issue about €3bn of hybrid capital as early as tomorrow, as part of the financing for its takeover of Merck & Co’s consumer care business.
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Accor introduced hybrid capital to a new sector of European industry on Monday, becoming the first hotels company to issue a subordinated bond that is treated partly as equity by the rating agencies.
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Suez Environnement found very strong demand for a €500m hybrid capital issue on Monday, as it became the first of the crop of companies that issued hybrids in 2010 to begin refinancing them.
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Accor, the French hotels group, launched a Sfr150m bond on Tuesday, but euro investors are more interested in its plans for hybrid capital issuance.
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Noble Group this week priced the latest in a series of corporate hybrids from Asian issuers, bringing a $350m perpetual non call five. The global supply chain company was refinancing its existing perp after the triggering of an early redemption event in April last year. But although the bold move sparked controversy and enraged some investors, the issuer was able to tap into a new group of buyers and get cheaper funding, writes Isabella Zhong.
