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High yields and tight senior/sub spread fuel enthusiasm for issuance among investors and issuers
◆ German utilities firm debuts hybrid bonds weeks after first senior deal ◆ Books shrink as issuer pushes tight ◆ Trade lands inside peers
◆ Swisscom pushes senior/sub spread close to record tights ◆ Tennet Germany lines up debut hybrid ◆ Hybrid volumes run ahead of 2025
◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade
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Eneco, the Dutch gas, electricity and heating producer and supplier, issued a €500m hybrid bond last Friday. Demand for the perpetual non-call seven year issue was strong, despite competing issuance, volatility on Thursday and uncertainty around a Dutch unbundling law that could affect the sector. -
Korea East-West Power Company has opened books for what it looks to be the country’s last offshore bond this year. The five and half year 144A/Reg S bond had attracted an order book of $1bn by Monday afternoon.
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Wienerberger, the world’s largest brick maker, has replaced two lines of credit with a €400m five year revolver.
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Spain's Gas Natural issued its first hybrid capital bond on Wednesday, raising €1bn, after a two day roadshow.
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Gas Natural Fenosa, the Spanish gas and electricity company, is expected to launch its first hybrid capital issue as early as tomorrow (Wednesday).
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Europe’s corporate bond market is throbbing with deals, and bankers are dismissing the capital markets turmoil of a fortnight ago as a blip that was barely noticed in investment grade credit.
