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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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Volkswagen showed its elite status in the debt capital market again today by issuing €3bn of hybrid capital – the largest corporate hybrid ever sold entirely in euros.
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Energie Baden-Württemberg launched a very successful hybrid capital issue on Tuesday, raising €1bn to bolster the subordinated layer of its capital structure at blisteringly tight pricing, thanks to perfect timing after a drought of issuance.
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Energie Baden-Wuerttemberg launched a corker of a hybrid capital issue on Tuesday, raising €1bn to bolster the subordinated layer of its capital structure at blisteringly tight pricing, thanks to perfect timing after a drought of issuance.
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Energie Baden-Wuerttemberg, the German electricity and gas supplier, is set to issue its second hybrid capital bond on Tuesday, after holding a conference call with investors on Monday. -
China Aluminium International Engineering (Chalieco) priced its debut international bond last Friday, issuing a senior perpetual non-call three that pays 6.875%. The borrower opted for a non-call three structure to save costs but this also made the bond more investor-friendly, which meant it was able to shave 37.5bp off initial pricing.
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China Aluminium International Engineering (Chalieco) priced its debut international bond on Friday, issuing a senior perpetual non call three bond that pays 6.875%. The borrower opted for a non call three structure to save costs but this also made the bond more investor friendly which meant it was able to cut 37.5bp off initial pricing.
