HYBRIDS: Hybrids: Week in Review
Dec-05 14:53
- Grand City tendered for 4 ISINs funded with €600m Perp NC5.3yr. The main priority in the Tender is the higher coupon €431.7m 6.125% Perp issued in April ‘24. The bonds have a 75% threshold for a Clean-Up Call. Deadline 8th Dec.
- EDP only accepted 500m 5.943% NC28 in its tender. It recently issued €1bn which will also be used against the €750m 1.5% Dec 26 Call. We expect another tender on the 5.943% late next year when they fund the remaining €250m Dec 26.
- Bayer perps were 10c-55c better on the decision to send the Durnell case to the Supreme Court for review.
- Bloomberg moved all Hybrids to a Yield-to-Call default in October. We prefer to look at Yield-to-Worst. ENGFIP 1.875 NC31 is now trading around 25bps inside the curve when viewed on Yield-to-Worst. The bond has a long 6-month period between First Call and Reset.
- G City Europe bought 150m ATRSAV 3.625% in open market. €200.3m remain
- SBB I Norden tendered for a series of Hybrids and Seniors as part of the sale to Public Property Invest.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US TSY OPTIONS: Large Pre-PMI Data Flow:
Nov-05 14:51
- Block, -13,800 TYZ5 112.5 straddles, 52 ref 112-19.5
- +47,000 TYZ5 112 puts, 11 last, total volume over 57.2k
- -25,000 TYZ5 112.5 puts, 22 last at 27
US TSYS: Post-PMI Data React
Nov-05 14:46
- Treasuries extend lows after lower than expected S&P Global US Services/Composite PMIs.
- Currently, the Dec'25 10Y contract trades -6.5 at 112-18.5, 10Y yield 4.1181% (+.0330), curves bear steeper (2s10s +1.644 at 52.373; 5s30s +1.571 at 98.280).
- Next up: ISM Services at 1000ET.
MNI: US OCT FINAL SERV PMI 54.8 (55.2 FLASH, 54.2 SEP)
Nov-05 14:45
- MNI: US OCT FINAL SERV PMI 54.8 (55.2 FLASH, 54.2 SEP)
- US OCT FINAL COMPOSITE PMI 54.6 (54.8 FLASH, 53.9 SEP)
