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◆ Book shrinks as deal pushes tight ◆ Proceeds could refi upcoming call ◆ Senior retail denoms make defining a senior/sub spread tricky
French utilities firm to jump into Aussie dollars with hybrid and senior bonds
◆ UK utility prints €1.3bn dual trancher ◆ Issuer skips guidance as it masses orders north of €10bn ◆ Longer call leg draws stronger demand
◆ Fourth Reverse Yankee hybrid in euros this year ◆ US utility tightens hard on strong demand ◆ American Tower clears €750m trade with little concession
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Accor, the French hotels group, launched a Sfr150m bond on Tuesday, but euro investors are more interested in its plans for hybrid capital issuance.
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Noble Group this week priced the latest in a series of corporate hybrids from Asian issuers, bringing a $350m perpetual non call five. The global supply chain company was refinancing its existing perp after the triggering of an early redemption event in April last year. But although the bold move sparked controversy and enraged some investors, the issuer was able to tap into a new group of buyers and get cheaper funding, writes Isabella Zhong. -
Far East Horizon (FEH) printed Asia’s second dollar corporate hybrid in less than a week on Tuesday. With investors thirsty for yield in the low rate environment, the small print of just $200m attracted a huge order book that allowed the issuer to tighten final pricing aggressively to well below expectations.
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Far East Horizon (FEH) printed Asia’s second dollar corporate hybrid in less than a week on Tuesday. With investors thirsty for yield in the current low rate environment, the small sized print had attracted a mind boggling order book that allowed the issuer to aggressively tighten final pricing to well under expectations.
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Suez Environnement found very strong demand for a €500m hybrid capital issue today, as it became the first of the crop of companies that issued hybrids in 2010 to begin refinancing them.
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Asian issuers have been rolling out hybrid securities during recent months as the low interest rate environment and strong investor appetite for the region create a conducive setting for corporate capital transactions.
