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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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PTT Exploration and Production (PTTEP) printed the first dollar corporate hybrid from Thailand on Wednesday, a perpetual non call five. Despite a noisy Thai political backdrop, the deal attracted a legion of yield-hungry investors who drove final pricing a staggering 37.5bp tighter than initial guidance. -
Suez Environnement, the French water and waste management group, is aiming to issue a new hybrid capital bond to refinance its €750m hybrid from 2010, which becomes callable in September 2015.
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Thai oil and gas company PTT Exploration and Production (PTTEP) will be meeting investors next week for a corporate hybrid in a perpetual non call five structure. if successful The proposed transaction would be the first international deal to come out of Thailand since the country fell under martial law on May 22.
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GDF Suez launched its second modern-style hybrid capital issue on Thursday in a successful €2bn transaction that contrasted with the rocky execution of its first issue in July 2013. The deal showed the corporate credit market bouncing back vigorously after five days of weak trading.
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Yanzhou Coal Mining (Yancoal) priced a perpetual non call two year hybrid on Thursday to bolster its balance sheet. As slowing economic growth in China fans concerns about the future prospects of the country’s coal industry, the issuer took a cautious approach to structuring and had to pay a hefty premium.
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San Miguel Corporation’s Power Holdings looks set to return to the dollar bond market and has mandated banks to arrange a series of investor meetings.
