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HYBRIDS: Hybrids: Week in Review

HYBRIDS
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  • SES Outlook was cut at Moody’s. Perps lost 1.5 to 1.75 pts on the week but did see a late rebound on Friday with moves of +1.5->1.6pts on the longer calls. The FCC had said that they would vote this month on whether to proceed with the C-Band auction so that means that we should receive news next week.
  • EDPPL: S&P confirmed that 5 out of 6 hybrids will lose Equity Credit due to changes in Methodology around “sliding step-ups”. The high price EDPPL 5.943 has underperformed this month on the risk of a 101 Call. Given that the company will have to address its whole stack, we would expect a holistic approach from the borrower.
  • We wrote on Bayer this week with regards to its legal lobbying in Iowa and Missouri. We don’t expect any imminent developments here but key for the company this year will be to have FIFRA legislation apply to its legal cases. This could potentially free up a large portion of the €5.7bn reserves. BAYNGR perps were unchanged to +1/8 on the week. 
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  • SES Outlook was cut at Moody’s. Perps lost 1.5 to 1.75 pts on the week but did see a late rebound on Friday with moves of +1.5->1.6pts on the longer calls. The FCC had said that they would vote this month on whether to proceed with the C-Band auction so that means that we should receive news next week.
  • EDPPL: S&P confirmed that 5 out of 6 hybrids will lose Equity Credit due to changes in Methodology around “sliding step-ups”. The high price EDPPL 5.943 has underperformed this month on the risk of a 101 Call. Given that the company will have to address its whole stack, we would expect a holistic approach from the borrower.
  • We wrote on Bayer this week with regards to its legal lobbying in Iowa and Missouri. We don’t expect any imminent developments here but key for the company this year will be to have FIFRA legislation apply to its legal cases. This could potentially free up a large portion of the €5.7bn reserves. BAYNGR perps were unchanged to +1/8 on the week.