Free Trial

Centrica: Hybrid Pricing

CREDIT SUPPLY
  • 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%

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.