HYBRIDS: Terna (TRNIM: Perps Ba1/BBB): S&P Comment
Hybrid issuance is likely to increase
• Terna was upgraded due to the Sovereign’s rating
• S&P expects that Terna will increase debt due to investing in the energy transition and a generous dividend policy
• Adj Debt to exceed €18.5bn in 2027 from €12bn in 2024
• The agency expects Terna to fully utilise its Hybrid capacity (€4bn from €1.85bn currently) to reach 15% of capitalisation by 2028
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EQUITIES: EU Bank large Call Option trade
SX7E (17th April) 191c, bought for 5.75 in 24k.
COMMODITIES: Gold Uptrend Still Firm Having Pierced $3000
A clear uptrend in Gold remains intact and last week’s move higher reinforces current conditions. The yellow metal traded to a fresh all-time high and price has also pierced the psychological $3000 handle. A bearish condition in WTI futures remains intact and the latest recovery appears corrective - for now. Recent weakness resulted in a breach of $70.20, the Feb 6 low. This confirmed a resumption of the downtrend that started Jan 15.
- WTI Crude up $0.59 or +0.88% at $67.75
- Natural Gas up $0.06 or +1.51% at $4.166
- Gold spot up $6.06 or +0.2% at $2989.32
- Copper down $1.65 or -0.34% at $488.8
- Silver down $0.07 or -0.19% at $33.731
- Platinum up $1.36 or +0.14% at $997.91
EGB OPTIONS: Latest Bund Options
- RXK5 130c, bought for 49.5 in ~5.6k.
- RXK5 126.50/125.50ps, bought for 33 in 7.75k.
