January 21, 2025 08:15 GMT
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
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