HYBRIDS: OMV (OMVAV: Baa2/BBB) Downside of the Call

Soft demand metrics at that E4.5bln 2.40% Apr-30 Bobl re-opening. The bid-to-cover ratio of 1.38x was much lower than last month’s 1.87x, and also the 2.01x average cover across the last four auctions (which includes a 2.52x cover at the January launch). 

• The bid-to-offer ratio of 1.09x was similarly a lot weaker than March’s 1.43x.
• The lowest accepted price of 101.57 did exceed the 101.540 pre-auction mid-price, but the secondary price of the bond has since fallen back to 101.497 at typing.
• Bobl futures have fallen ~7 ticks since the results were published to 119.170. Earlier session lows of 119.150 remain untested, with initial support at 118.336 (the 20-day EMA)

• The NZD is the best performer against the Japanese Yen in early trade within G10s, but the USDJPY is still a more interesting chart, the Yen is up 3.96% at current levels in the past Month, or 9.17% YTD vs a ~142.78 spot level.
• USDJPY printed a 142.07 low last Friday (prices are according to Bloomberg), but the main Initial support is still eyed at 141.66, the October low.