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CREDIT UPDATE: Harbour Energy (HBRLN Hyb Ba1/BB Fitch): Perps Sub_Senior

CREDIT UPDATE
  • Currently HBRLN 3% Call29 trade with Sub_Sen +157bps
  • If the new issue - 5yr IPT +180 - puts pressure on the HBRLN 1.332% Sep-28 (z+110) then the Sub_Sen will start to look rich
  • Comps with 5yr interpolation:
  • VARNO (Ba2/BB+ S&P) +177; REPSM (Baa3/BBB-) +135; OMVAV (Baa2/BBB Fitch) +153; ENIIM (Baa3/BBB neg) +142
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  • Currently HBRLN 3% Call29 trade with Sub_Sen +157bps
  • If the new issue - 5yr IPT +180 - puts pressure on the HBRLN 1.332% Sep-28 (z+110) then the Sub_Sen will start to look rich
  • Comps with 5yr interpolation:
  • VARNO (Ba2/BB+ S&P) +177; REPSM (Baa3/BBB-) +135; OMVAV (Baa2/BBB Fitch) +153; ENIIM (Baa3/BBB neg) +142