B_B schreef op 21 maart 2013 14:08:
KPN ADDS DOLLAR HYBRID
Elsewhere on Thursday, KPN, rated Baa2/BBB-/BBB- on a senior level, opened books on a 60-year non-call 10-year hybrid issue, setting guidance in the 7.50% area.
The deal follows a roadshow, and the print of a two-part euro and sterling hybrid bond earlier this month, which represented the first high-yield rated offering of its kind in almost two-and-a-half years.
Both of those slices were initially touted to be benchmark in size, but as books on the euro part hit in excess of €6.5bn and on the sterling part GBP3.3bn, they were confirmed at €1.1bn and GBP400m respectively.
The euro bond priced with a coupon of 6.125% at a cash price of 99.478, the sterling part with a coupon of 7% at 99.326. By Thursday those were bid at 100.5 and 100 respectively, according to Tradeweb.
Leads originally said that the company aimed to raise a total of €2bn equivalent across three tranches of hybrid bonds, suggesting that the company could print US$500-600m in dollars.