HYBRIDS: Air France (AFFP: Perps B+/BB) New Issue FV
May-15 09:02
IPT €500m WNG PerpNC5.25 6.375-6.50%
- FV: 5.875%
- Lufthansa will be the main comp here. LHAGR came in Jan at 5.25% and has performed reasonably well. Dipped to <97 in early April but back above Par now.
- Senior curves are around 50bps apart with LHAGR perhaps technically tight given retail 1k participation.
- AFFP should be at least 50bps back of LHAGR in Perps putting 5.75% as a floor.
- New notes will replace the Apollo debt issued 2022. This debt did not have equity credit.
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MNI: GERMANY ZEW APR ECONOMIC EXPECTATIONS -14
Apr-15 09:00
- MNI: GERMANY ZEW APR ECONOMIC EXPECTATIONS -14
- MNI: GERMANY ZEW APR CURRENT CONDITIONS -81.2
MNI: EUROZONE FEB IP +1.1% M/M, +1.2% Y/Y
Apr-15 09:00
- MNI: EUROZONE FEB IP +1.1% M/M, +1.2% Y/Y
EQUITIES: Estoxx Risk Reversal
Apr-15 08:57
SX5E (18th July) 4300/5200RR, bought the call for 5.5 in 10k vs 4.3k at 4890.00.
