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FRANKFURT - Südzucker International Finance B.V. has concluded the offering of its €700 million hybrid bond with no stabilization measures undertaken in the market, according to a statement released Friday by Deutsche Bank AG (ETR:DBKGn).
The perpetual non-call 5.25-year (PNC5.25) hybrid bond was priced at 99.812% with a spread of 380.9 basis points over the benchmark German government bond (DBR 0 08/15/30).
BNP PARIBAS, BofA Securities, Deutsche Bank, HSBC, ING, and Rabobank served as stabilizing managers for the transaction, though no market stabilization was required following the May 21 pre-stabilization announcement.
The securities, guaranteed by Südzucker Aktiengesellschaft, carry the ISIN code XS3071332293.
The bond was not registered under the United States Securities Act of 1933 and was not offered to investors in the United States, according to the press release statement.
Hybrid bonds typically combine features of both debt and equity instruments, allowing issuers to strengthen their capital structure while potentially receiving favorable accounting and rating agency treatment.
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