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◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche
◆ Both tranches priced close to fair value
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San Miguel Corporation’s Power Holdings looks set to return to the dollar bond market and has mandated banks to arrange a series of investor meetings. -
Deutsche Annington, the German housing company part-owned by Terra Firma, issued its first hybrid capital bond on Tuesday, raising €700m. It was the first large hybrid capital issue from a European property company, bankers said, and demonstrated clearly how the instrument can be used in acquisition finance.
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Deutsche Annington, the German housing company owned by Terra Firma, issued its first hybrid capital bond today, and achieved a senior-subordinated differential similar to its rating peers, although it trades wider in the senior market.
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Telefónica returned to the hybrid capital market on Monday, six months after its €1.75bn transaction in September, to sell another deal of the same size.
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Telefónica returned to the hybrid capital market on Monday, six months after its €1.75bn transaction in September, to sell another deal of the same size.
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Volkswagen showed its elite status in the debt capital market again this week by issuing €3bn of hybrid capital — the largest corporate hybrid ever sold entirely in euros.
