January 23, 2025 10:04 GMT
HYBRIDS: Hybrids Movers:
HYBRIDS
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.

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