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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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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.
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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.