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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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Far East Horizon (FEH) printed Asia’s second dollar corporate hybrid in less than a week on Tuesday. With investors thirsty for yield in the low rate environment, the small print of just $200m attracted a huge order book that allowed the issuer to tighten final pricing aggressively to well below expectations. -
Far East Horizon (FEH) printed Asia’s second dollar corporate hybrid in less than a week on Tuesday. With investors thirsty for yield in the current low rate environment, the small sized print had attracted a mind boggling order book that allowed the issuer to aggressively tighten final pricing to well under expectations.
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Suez Environnement found very strong demand for a €500m hybrid capital issue today, as it became the first of the crop of companies that issued hybrids in 2010 to begin refinancing them.
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Asian issuers have been rolling out hybrid securities during recent months as the low interest rate environment and strong investor appetite for the region create a conducive setting for corporate capital transactions.
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PTT Exploration and Production (PTTEP) printed the first dollar corporate hybrid from Thailand on Wednesday, a perpetual non call five. Despite a noisy Thai political backdrop, the deal attracted a legion of yield-hungry investors who drove final pricing a staggering 37.5bp tighter than initial guidance.
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Suez Environnement, the French water and waste management group, is aiming to issue a new hybrid capital bond to refinance its €750m hybrid from 2010, which becomes callable in September 2015.
