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Hybrid Bond Buybacks Return After War Paused Riskier Deals

Bloomberg Markets
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European companies have resumed buying back junior hybrid bonds after geopolitical conflicts and an AI-driven tech selloff froze riskier debt transactions earlier this year. Spanish toll road operator Abertis Infraestructuras plans to repurchase €500 million of a perpetual hybrid bond callable in January, while issuing a new €500 million bond to refinance existing debt. Satellite operator SES SA and Danish cable supplier NKT A/S executed similar refinancing moves last month, signaling renewed confidence in hybrid debt markets. The revival follows a pause triggered by Middle East tensions and volatility in AI-related software stocks, which had dampened appetite for high-yield corporate debt instruments. Analysts view the trend as a sign of stabilizing market conditions, though risks from geopolitical instability and tech sector fluctuations remain key watchpoints.
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Hybrid Bond Buybacks Return After War Paused Riskier Deals

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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Photographer: Pau Barrena/BloombergEuropean companies are once again buying back junior bonds after the market turmoil sparked by the war in the Middle East and the AI-related software selloff put some riskier debt deals on ice.Spanish toll road operator Abertis Infraestructuras is looking to buy back the remaining €500 million ($588 million) of a perpetual hybrid bond that is first callable in January and soldBloomberg Terminal a new €500 million perpetual bond on Tuesday. That follows similar refinancing exercises by satellite operator SES SA and Danish cable supplier NKT A/S last month.

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Source: Bloomberg Markets