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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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Tata International priced the first ever Singapore dollar denominated perpetual bond from an Indian issuer on Thursday. Although small, the deal received strong support from private banks and was over six times subscribed. -
Arkema, the French chemicals company, launched its hybrid bond issue successfully on Thursday, having decided to press ahead with the deal despite market conditions that are much less favourable for higher risk deals than in September.
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Arkema, the French chemicals company, launched its hybrid bond issue successfully on Thursday, having decided to press ahead with the deal despite market conditions that are much less favourable for higher risk deals than in September.
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Arkema, the French chemicals company, announced on Tuesday a roadshow for a hybrid capital issue, despite volatile market conditions in which corporate hybrids in particular have been knocked wider.
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Standard & Poor’s lowered the regional scale issue ratings on six corporate hybrids in Asia by one notch this week, prompting a slight sell-off in the instruments. While short term volatility is expected, the changes are unlikely to have any impact on future issuance.
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The market for bond issues tailored to the specific needs of socially responsible investors has hit its stride since 2013. What had been a niche product for specialist investors suddenly became mainstream. However, banks — so often at the forefront of innovation — have so far been behind the curve. That looks like it’s about to change, as Nathan Collins finds out.
