HYBRIDS: Engie (ENGIFP): Hybrid Risk of Running to Reset
Dec-03 13:57
(ENGIFP; Hyb Baa3/BBB-/BBB-)
• ENGIFP 1.875 NC31 defaults to Yield-to-Call in Bloomberg.
• The bond has a very low coupon which would make sense to run as long as possible.
• It was originally issued as NC10 so has a 6 Month period between Call and Reset.
• The Z-Spd gap between YTC and YTReset is 20bps. Z+140 vs Z+120
• We currently see the curve as being inverted from ENGIFP 4.75 NC30 to ENGIFP 1.875 NC31 - see graph
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FRANCE T-BILL AUCTION RESULTS: 13/26/28/52-week BTFs
Nov-03 13:56
| Type | 13-week BTF | 26-week BTF | 28-week BTF | 52-week BTF |
| Maturity | Feb 4, 2026 | May 6, 2026 | May 20, 2026 | Nov 4, 2026 |
| Amount | E3.2bln | E497mln | E1.799bln | E2.1bln |
| Target | E2.8-3.2bln | E0.1-0.5bln | E1.4-1.8bln | E1.7-2.1bln |
| Previous | E3.3bln | E360mln | E1.798bln | |
| Avg yield | 2.010% | 2.029% | 2.050% | 2.059% |
| Previous | 2.011% | 2.015% | 2.029% | 2.053% |
| Bid-to-cover | 3.23x | 5.51x | 2.77x | 3.15x |
| Previous | 2.41x | 4.33x | 5.51x | 3.02x |
| Previous date | Oct 27, 2025 | Oct 27, 2025 | Nov 03, 2025 | Oct 27, 2025 |
EQUITY OPTIONS: BNP longer Dated Straddle
Nov-03 13:48
BNP (18/12/26) 66^, traded 14.8 in 2.5k.
EQUITY OPTIONS: Estoxx Put Spread vs Call
Nov-03 13:46
SX5E (19th Dec) 5600/5200ps vs 6000c, trades 45.9 for the ps in 6k.
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