• Centrica (CNALN: Baa3/BB+ Hybrid)31NC6: Pricing thoughts in GBP
• In Euro Senior-Perp Spread:
• BPLN +105bps
• ENELIM +140-160 bps
• ENGIFP +105bps
• VATFAL +105bps
• ORSTED +125bps

BPLN Seniors in GBP are largely tendered so Spread to Perps makes little sense

• But BPLN 4.25% Perp Call Mar-27 yields 6.17%
• Vattenfall 2.5% Perp call Dec-27 yields 6.35%
• Vattenfall recently issued 6.875 Perp Call May-28 yields 6.10%
• Vattenfall senior 6.875% high cash price bonds yield 5.26%
• Orsted EUR Senior curve is slightly inside Vattenfall
• ORSTED 2.5% Perp Call Aug-32 yields 6.71%
• Centrica 31NC6 May-2030 @ +125 wide to senior would be 6.40%