Double Digits Discussions Heard on GS Hybrid
Initial price discussions of 12% area were being heard Thursday on General Shopping’s new $250m perpetual even before the borrower embarked on four-continent roadshow to market what will be the first hybrid from a Brazilian corporate since utility Energisa printed its trade early last year. Though very different in structure from Energisa’s deal and ultimately designed to achieve unrelated goals, the General Shopping’s deeply subordinated deal is seen as a bull market trade that will test the limits of how far investors are willing to reach. “It is a sign that investors are risk-on,” says one Sao Paulo-based...
Already have an account?
Subscribe now for unlimited access to all current and archive news, data and market analysis.
Take a free two-week trial now for the latest news, data and market analysis.