Hybrid Bond Buybacks Return After War Paused Riskier Deals

European 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 sold 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.