Winner: Solvay Finance


The European hybrid securities market is suffering, having dropped around 4.5% in value since the start of the year, according to International Index Co. One transaction that has bucked the trend, however, is Solvay Finance's EUR500 million benchmark transaction. The deal from this Belgian chemicals and pharmaceuticals company has outperformed other hybrids since its launch; by June 9 it had tightened by 25 basis points since its launch spread of 235bp over swaps.

And this against a backdrop of a

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