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HYBRIDS: Hybrid Movers: ORSTED (Hybrids: Baa3/BB/BBB-)

HYBRIDS
  • ORSTED moving around -1pt lower in the low coupon ORSTED 1.5 Call32 following DKK 12.1bn charge
  • The longer date has a low Reset of 186bps vs 262/259 for the Call28 & 29 so tends to sell-off more on weak days
  • Gap to EDPPL is widening. Note EDPPL is already BB+ with all three agencies
ORSTED_EDPPL
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  • ORSTED moving around -1pt lower in the low coupon ORSTED 1.5 Call32 following DKK 12.1bn charge
  • The longer date has a low Reset of 186bps vs 262/259 for the Call28 & 29 so tends to sell-off more on weak days
  • Gap to EDPPL is widening. Note EDPPL is already BB+ with all three agencies
ORSTED_EDPPL