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HYBRIDS: Hybrid Movers: Harbour - gone too far ?

HYBRIDS
Credit BulletsUKCEEMEABullet
  • HBR equity has had a volatile start to the year. It seems that a lot of positive expectations may have been built into their first set of results post-Wintershall.
  • The equity rallied 21% off Dec low and then fell 21% to where we are now
  • This volatility is not replicated in the Perps
  • HBRLN 3% Call28 has rallied consistently from z+309 in early Dec down to z+230 now
  • SubSen trades +113 which for a Ba1 name is quite tight compared to OMVAV 2.875 Call29 SubSen +126; ENIIM 3.375 Call29 +107; BPLN 3.625 Call29 +108. All of these bonds have Resets in the 300s.
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  • HBR equity has had a volatile start to the year. It seems that a lot of positive expectations may have been built into their first set of results post-Wintershall.
  • The equity rallied 21% off Dec low and then fell 21% to where we are now
  • This volatility is not replicated in the Perps
  • HBRLN 3% Call28 has rallied consistently from z+309 in early Dec down to z+230 now
  • SubSen trades +113 which for a Ba1 name is quite tight compared to OMVAV 2.875 Call29 SubSen +126; ENIIM 3.375 Call29 +107; BPLN 3.625 Call29 +108. All of these bonds have Resets in the 300s.