HYBRIDS: Hybrids: Week in Review
• Veolia issued €850m NC7.33 to partially refinance its upcoming NC26 bonds. With the €500m NC30s issued in May the NC26s are now covered. The bonds priced at 4.325% 6bps wide to ENIGFP NC33. In secondary, it rallied another 5bps with Engie also 2 tighter.
• TenneT perps were cut to Ba2 by Moody’s – above S&P at BB-. This was well-flagged due to the reorganisation and bonds did not move.
• Bayer was placed on Neg at S&P following the increase in litigation charges on the latest results.
• CPIPGR rallied 1.4pts on the week as higher beta performed well. The company has been reporting slow but steady deleveraging.
• Rakuten announced the redemption of its second NC25 ¥ Perp.
• Roquette Frères will have an investor call on 25th September to discuss their latest results.
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MNI: US MBA: MARKET COMPOSITE -1.4% SA THRU AUG 15 WK
- MNI: US MBA: MARKET COMPOSITE -1.4% SA THRU AUG 15 WK
OUTLOOK: Price Signal Summary - Bear Cycle In Oil Futures Remains Intact
- On the commodity front, despite the latest pullback, a bull cycle in Gold remains intact. Moving average studies are in a bull-mode position. The sideways trend that has been in place since the Apr peak appears to be a corrective phase - a pause in the uptrend. A resumption of gains would open $3439.0, the Aug 23 high. Key resistance and the bull trigger is at $3500.1, the Apr 22 low. On the downside, first support to watch lies at $3268.2, the Jul 30 low.
- In the oil space, WTI futures remain in a clear bear cycle and the contract continues to trade closer to its recent lows. A key support at $61.99, the Jun 30 low, has been breached, strengthening a bearish theme. A continuation lower would open $57.71, the May 30 low. Key short-term resistance has been defined at $69.36, the Jul 30 high. Clearance of this level would cancel a bear theme. Initial resistance to watch is $63.91, the 50-day EMA.
US TSY OPTIONS: BLOCK: Sep'25 10Y Put
- 5,000 TYU5 111 puts, 2 vs. 111-22.5/0.08% at 0632:11ET; Sep options expire Friday, open interest 143,902.
