Roquette Frères prices €600m second euro hybrid at 6%.

Source: globalcapital.com

TL;DR

• Roquette Frères priced its second euro hybrid bond, a €600m perpetual non-call six deal at 6% yield.[[1]](https://www.globalcapital.com/article/2g8pjmrr6i7ejjb00zwn4/corporate-bonds/hybrid/roquette-freres-seals-second-euro-hybrid-bond)[[2]](https://www.ifre.com/bonds/2411522/roquette-freres-pnc6-hybrid-final-terms-600m-at-6)
• Planned as €500m, it was upsized due to strong demand exceeding €2.7bn, though some pricing concession was needed.[[1]](https://www.globalcapital.com/article/2g8pjmrr6i7ejjb00zwn4/corporate-bonds/hybrid/roquette-freres-seals-second-euro-hybrid-bond)
• Shows investor appetite for corporate hybrids from BBB-rated family-owned firms like this French ingredients maker.[[1]](https://www.globalcapital.com/article/2g8pjmrr6i7ejjb00zwn4/corporate-bonds/hybrid/roquette-freres-seals-second-euro-hybrid-bond)

The story at a glance

Roquette Frères, a French family-owned producer of plant-based ingredients for food and pharma, priced its second euro hybrid bond on April 15, 2026. The deal is a €600m perpetual non-call six non-callable until February 2032, rated BB+ by S&P. It is reported now as part of a busy week for euro corporate hybrids amid volatile markets.[[1]](https://www.globalcapital.com/article/2g8pjmrr6i7ejjb00zwn4/corporate-bonds/hybrid/roquette-freres-seals-second-euro-hybrid-bond)

This follows their 2024 debut hybrid of €600m at 5.494% fixed until reset, paired with a senior tranche to fund the IFF Pharma acquisition.[[3]](https://www.roquette.com/press-releases/completes-inaugural-senior-and-hybrid-notes-insurance)

Key points

• Format: Hybrid, subordinated perpetual Reg S bond, ISIN FR0014017WJ3; issuer rating —/BBB by S&P, deal rating —/BB+.[[1]](https://www.globalcapital.com/article/2g8pjmrr6i7ejjb00zwn4/corporate-bonds/hybrid/roquette-freres-seals-second-euro-hybrid-bond)
• Size upsized from targeted €500m to €600m after strong sophomore demand, peaking over €2.7bn pre-recycling.[[1]](https://www.globalcapital.com/article/2g8pjmrr6i7ejjb00zwn4/corporate-bonds/hybrid/roquette-freres-seals-second-euro-hybrid-bond)
• Pricing: Started at 6.375% area, tightened 37.5bp to final 6% yield (reoffer), subject to 12.10 UKT; some concession for larger print.[[1]](https://www.globalcapital.com/article/2g8pjmrr6i7ejjb00zwn4/corporate-bonds/hybrid/roquette-freres-seals-second-euro-hybrid-bond)
• Extends Roquette's hybrid curve beyond its first deal's non-call 5.25 structure from November 2024.[[1]](https://www.globalcapital.com/article/2g8pjmrr6i7ejjb00zwn4/corporate-bonds/hybrid/roquette-freres-seals-second-euro-hybrid-bond)
• Part of April's active euro hybrid market, following issuers like Redeia; reflects solid appetite despite concessions.[[4]](https://www.globalcapital.com/article/2g8pytclsit0zjf2f7v28/corporate-bonds/hybrid/redeia-shows-hybrid-market-strength-with-debut-eugb-deal)

Details and context

Roquette Frères follows its November 2024 debut (€600m hybrid at 5.494% fixed to reset, non-call 5.25) with this PNC6, building a longer hybrid maturity profile. The first deal, upsized alongside a senior tranche, funded the IFF Pharma Solutions buy to boost pharma excipients; it drew €3.1bn+ orders.[[3]](https://www.roquette.com/press-releases/completes-inaugural-senior-and-hybrid-notes-insurance)[[5]](https://www.ifre.com/ifr-awards/1443532/euro-bond-and-europe-investment-grade-corporate-bond-roquette-freres-1.2bn-dual-tranche-bond)

Hybrids count as 50% equity for ratings, aiding leverage headroom for BBB issuers like Roquette amid growth (e.g., 2025 EBITDA up 13% to €612m despite tough markets).[[6]](https://www.spglobal.com/ratings/en/regulatory/article/-/view/sourceId/13321770)[[7]](https://finance.yahoo.com/markets/stocks/articles/roquette-2025-results-show-resilience-063000830.html)

This sophomore saw greater demand than debut but needed concession for size, per bankers; it priced amid hybrid queue including OCP and Redeia.[[1]](https://www.globalcapital.com/article/2g8pjmrr6i7ejjb00zwn4/corporate-bonds/hybrid/roquette-freres-seals-second-euro-hybrid-bond)

Key quotes

None reliably sourced from the article.

Why it matters

Corporate hybrids provide flexible, equity-credit funding for mid-rated industrials like Roquette, supporting expansion in plant-based and pharma without full debt hit.

Investors gain yield (6% here) in a market offering solid returns on BBB/BB+ paper; issuers extend curves cost-effectively.

Watch hybrid spreads and demand amid volatility; further Roquette issuance or peers like Stora Enso could test if concessions widen.