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Taking a look at HBRLN (Ba1/ /BB) vs OMVAV (Baa2/ /BBB) following Harbour's results

  • Prices are unchanged today but HBRLN 3% Call28 has rallied back to the tights vs OMVAV 2.875 Call29 over the past 3 months
  • Currently sits around 45bps wide to OMV, in from >100bps at end of October
  • Sub_Sen HBRLN 29s is +120bps vs +128bps for the better rated OMVAV - OMVAV senior benefitted from CSPP historically so is perhaps Sub_Sen is artificially wide. 
HBRLN_OMVAV
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Taking a look at HBRLN (Ba1/ /BB) vs OMVAV (Baa2/ /BBB) following Harbour's results

  • Prices are unchanged today but HBRLN 3% Call28 has rallied back to the tights vs OMVAV 2.875 Call29 over the past 3 months
  • Currently sits around 45bps wide to OMV, in from >100bps at end of October
  • Sub_Sen HBRLN 29s is +120bps vs +128bps for the better rated OMVAV - OMVAV senior benefitted from CSPP historically so is perhaps Sub_Sen is artificially wide. 
HBRLN_OMVAV