Stellantis, a manufacturer of Jeep-to-Peugeot, has sold up to 5 billion euros in non-convertible subordinated perpetual hybrid bonds to help preserve its strong balance sheet and liquidity. The bonds were offered in three tranches: 2.2 billion euros, 1.8 billion in perpetual fixed‑rate resettable notes, 1 million in perpetual “superior’s” notes, and 865 million pounds in perpetual notes with a 6.5-year non-call period initially paying an 8.25% coupon. The notes settlement is expected on March 16.