Europe
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Following French food company Danone’s recent hugely successful hybrid corporate debut, investors have been waiting for the next hybrid trade. This week they had two to consider. -
Guarantor: All Danish municipalities and regions
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Dollar deals large and small across the curve from SSA issuers rare and frequent pounded on screens through this week but despite the supply pressure, not one cracked. Conditions are so strong that some SSA bankers believe borrowers should look to pre-fund for next year — although they admit they might have a hard time convincing the sell side.
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BBVA issued $1bn of perpetual non-call 10 additional tier one (AT1) notes on Wednesday, in a deal paving the way for it to redeem a bond next year that will be the first European AT1 issued in a core currency to reach its call date.
