How Woolies’ savvy hybrid issue was done   Woolworths is not
just big in the land of retail. In the local capital markets,
the supermarket giant is just as willing to throw its weight
around.  Bond bankers tread on eggshells around group treasurer
Asrar Rahman and his team. By all accounts, they are not naive
about the grip they have over their carefully selected advisers.
So when Rahman decided to press ahead with a $500 million to
$700 million hybrid equity issue this month it was big news for
the local debt capital markets scene.  A hybrid, because of its
complexity, is particularly lucrative and as the redemption date
of its previous $600 million listed notes drew closer, several
banks pitched a replacement trade. The company engaged JPMorgan,
led by experienced debt capital markets head Natalie Vanstone,
to lead a euro-denominated hybrid.  JPMorgan had been involved
in several US Woolworths bond raisings but it soon became
apparent that following Santos’ path to Europe was too
expensive. Besides, the loc