GC Live Panel Discussion — February 26, 2025
The hybrid capital market has shown itself to be resilient in the face of the tests posed by a global pandemic, rising interest rates and changes in the rating agencies’ treatment of these instruments. It is now a key component of European investment grade corporate capital structures. There is also increased interest from US corporates and, more generally, from sectors not traditionally associated with the hybrid market. GlobalCapital brought together in February 2025 a panel of leading issuers and bankers to discuss the outlook for the market, as well as the practicalities of managing a hybrid programme.
Discussion participants
| Giulio Baratta, co-head of IG finance and head, debt capital markets, EMEA, BNP Paribas |
| Sandra de las Cavadas, managing director, head of European corporates IG and HY DCM, BBVA |
| Ignacio Real de Asúa, head of capital markets and financial risk management, Iberdrola |
| Philipp Tempel, head of capital markets, ratings and creditor relations, Deutsche Lufthansa |
| Leonardo Vagaggini, head of capital markets, Enel |
| Moderator: Toby Fildes, managing director, GlobalCapital |