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HYBRIDS: Hybrids: Week in Review

HYBRIDS
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  • Adecco was under pressure as investors focused on poor numbers for ManPower and the low reset on ADENVX 1% Call26 of just 126.5bps.  We wrote about this ahead of the sell-off here; Perps fell 1.6pts. This was the only significant faller this week.
  • SES was boosted by news of a €125m EIB loan to fund MEO satellites for broadband services to less-developed countries.  Perps rallied 65-80c.
  • Bayer’s recovery kept pace this week.      Senior paper was 8bp tighter and Perps +1.25pts for the longer calls which was 16bps tighter vs Bunds.
  • VW and FRPTT were also strong.  VW equity is up 22% from the lows of last year.      The VW 4.375 Call31 are 52bps tighter vs Bunds year-to-date.  FRPTT has been steadily tighter since launch.  
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  • Adecco was under pressure as investors focused on poor numbers for ManPower and the low reset on ADENVX 1% Call26 of just 126.5bps.  We wrote about this ahead of the sell-off here; Perps fell 1.6pts. This was the only significant faller this week.
  • SES was boosted by news of a €125m EIB loan to fund MEO satellites for broadband services to less-developed countries.  Perps rallied 65-80c.
  • Bayer’s recovery kept pace this week.      Senior paper was 8bp tighter and Perps +1.25pts for the longer calls which was 16bps tighter vs Bunds.
  • VW and FRPTT were also strong.  VW equity is up 22% from the lows of last year.      The VW 4.375 Call31 are 52bps tighter vs Bunds year-to-date.  FRPTT has been steadily tighter since launch.