Latest corporate hybrid news

  • CK Infrastructure finds lukewarm demand for perp

    Cheung Kong Infrastructure Holdings sold a fixed-for-life hybrid bond denominated in dollars on Wednesday. The deal did not draw an overwhelming response, but market participants said overall demand for the structure is muted.

    • 17 Aug 2017
  • US market blazes as Europe waits for BAT to spark up

    European corporate bond markets remain focused on British American Tobacco’s multi-tranche deal expected later this week. However, nine different investment grade issuers printed new issues in the US on Monday, making it the most varied day of 2017 so far.

    • 08 Aug 2017
  • June busy to the end for corporates with Thursday foursome

    Bankers always expected June to be a busy month for corporate bond issuance after a quiet May and before the summer slowdown. Thursday ensured the pace of issuance was maintained with four issuers selling seven tranches.

    • 29 Jun 2017
  • CK Hutch’s 4x subscribed hybrid takes centre stage

    CK Hutchison sold a hybrid bond featuring a dual-step structure this week, designed to qualify for partial equity treatment from ratings agencies. While demand was strong for the $1bn deal, priced off the back of a $4.25bn book, some handholding was needed to make investors comfortable. Addison Gong reports.

    • 11 May 2017
  • Back with a bang: CK Hutchison seals $1bn hybrid

    CK Hutchison priced a $1bn hybrid bond at 4% on Tuesday, with the deal featuring a dual step-up to qualify for partial equity treatment from ratings agencies. And while investor appetite was strong, some handholding was needed behind the scenes.

    • 10 May 2017
  • CK Hutchison rolls out inaugural hybrid post restructuring

    CK Hutchison Holdings is making a rapid return to the dollar market, collecting bids for a subordinated perpetual bond on Tuesday, its first hybrid outing after a 2015 restructuring.

    • 09 May 2017
  • Russians keep EM bonds going amid political noise

    Political power plays in Turkey and the UK have done little to derail EM bond markets this week, but the pipeline is thinner than before Easter, and limited to Russian borrowers.

    • 19 Apr 2017
  • Corporate hybrids back on menu as investors feast

    Telia and Tennet broke 2017’s euro corporate hybrid fast by bringing trades within a day of each other. Bankers said investors will have the chance to gorge themselves as plenty more issuers are lining up after the success of this week’s deals.

    • 30 Mar 2017
  • Hybrids revived as Tennet brings first in green

    Corporate hybrid bonds are emerging from hibernation blinking into the spring sunshine this week as Tennet brought the second benchmark sized transaction of the week following fallow months. But syndicate bankers are split over how long the revival will last.

    • 29 Mar 2017
  • Tennet readies green hybrid first

    Dutch national energy company Tennet is preparing to sell the first ever green hybrid capital bond in a deal that bankers unanimously said will fly, but the mandate has sparked calls that the vanilla green market should become larger before the green product base becomes more varied, writes Michael Turner.

    • 16 Mar 2017

Corporate hybrid news archive

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 113,683.46 478 7.19%
2 Bank of America Merrill Lynch 103,037.55 448 6.52%
3 Citi 88,830.56 451 5.62%
4 Goldman Sachs 75,629.23 305 4.78%
5 Barclays 72,617.35 312 4.59%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 20,196.33 86 8.95%
2 Barclays 17,722.23 65 7.85%
3 Deutsche Bank 15,688.73 60 6.95%
4 HSBC 13,777.20 59 6.10%
5 SG Corporate & Investment Banking 12,521.92 64 5.55%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,994.70 40 8.04%
2 Goldman Sachs 4,312.69 35 6.95%
3 Deutsche Bank 4,249.17 39 6.84%
4 Barclays 3,956.08 33 6.37%
5 Citi 3,884.06 28 6.26%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 24,067.99 186 10.79%
2 Citi 19,404.77 149 8.70%
3 Bank of America Merrill Lynch 17,997.02 158 8.07%
4 Goldman Sachs 17,038.94 119 7.64%
5 Barclays 15,537.71 103 6.97%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 20,529.33 63 6.93%
2 HSBC 19,637.33 84 6.63%
3 BNP Paribas 19,346.82 88 6.53%
4 Barclays 19,276.49 80 6.51%
5 Citi 17,718.43 69 5.98%