With a volume of emissions which could reach the 36 billion of euros, the Hybrid bond market Europeans is foreseen in growth in 2025, Supported by a dense calendar of calls and more content prizes of subordination. It is the photograph taken byHybrid Bond Outlook Elaborated by Scope Rings, the European rating agency from which it also emerges that “the growing need for refinancing and the solidity of the demand, although decreasing compared to 2022-2023, will favor emissions, in particular in the sector of utility“.
Market growth
As mentioned: the emissions of hybrid bonds could reach 36 billion euros in 2025, compared to 34 billion euros in 2024, already increased by 70% compared to the previous year.
Among the Italian companies active in the market of Hybrid Bonds, Enel, Eni and Iren have issued a total of 5.25 billion euros in Hybrid Bonds In the first months of 2025, financing investments in infrastructure and energy transition.
As for the main sectors, the utilities will be the major broadcasters to manage the growing Capex needs, while, on the contrary, the Oil & Gas and Telecommunications sectors will have less pressure on budgets e they could reduce the use of Hybrid tools.
Rates and duration
Finally, compared to rates and durability, it should be noted that the tendency towards tools with deadlines grows thirty -year -old to avoid the risk of extension; In 2025, Lufthansa issued a 500 million euro hybrid bond to 5.25%, following a trend already seen with Companies like Bayer and BT.
