Hybrids spring back to life

摘要

European hybrid issuance staged a revival last week after spending much of last year in the doldrums, with tennet and telia selling subordinated debt amid blowout demand. TenneT followed Telia's euro and Swedish krona-denominated hybrid on Tuesday, which included the first euro benchmark of the year, indicating a return of issuer confidence to the once-popular product. "With a bit more clarity over Brexit and a lot of the political risk out of the way -namely France, where the polls have given investors more comfort - the market bodes better for hybrid issuance," said Jonathan Weinberger, managing director, debt capital markets at Societe Generale.