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◆ Deal smashes through previous record ◆ Longer tenor helps compress the spread ◆ Strong demand buoys hybrid market
◆ Belgian investment firm returns after two-year absence ◆ Strong 10 year point draws hefty demand for extra spread ◆ Orderbook attrition stays low
Issuance volumes may be high but demand is even higher. Credit issuers in particular should take full advantage
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◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior -
A Swiss borrower has already closed books and Austria's Egger will soon
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◆ German utility brings two tranches including green ◆ Orders prove more resilient in green tranche ◆ Both legs priced near fair value
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Banks accept some deals will bypass them — others they can intermediate
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◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
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◆ Toyota MCC increases deal size ◆ ASF pays small concession ◆ Pair tighten more from IPTs than last year's average
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