Weekly Focus: Equity Raise & Political Tailwinds Underpin Bayer Hybrids
Primary Activity: marked activity pick-up supported by Reverse Yankee issuance – namely Alphabet (largest EUR IG Corp trade at EUR6.75bn since LVMH in 2020) and Visa (EUR3.5bn) – made it the busiest primary week since May24.
Seniors - Best & Worst Performing Names:
Best:Iberdrola, Enbw, Acea, Nortegas. Worst: ESB, Enbw, IAG, FCC, Traton.
Hybrids - Best & Worst Performing Names:
Best: Edf, Enel, Snam, Total, Telefonica, Abertis. Worst: Var Energie, Vodafone, Repsol.
Seniors - Best & Worst Performing Sector:
Best: Integrated Utils, Regulated Utils,Towers, Telco. Worst: Renewable, Consumer, Auto parts.
Hybrids - Best & Worst Performing Sector:
Best: Infra, REITs, Utilities, Worst: Renewables, Consumer, Oil &Gas
Corporate Updates: REDEIA, ENAGAS, IBESM, RWE, FCCSER, AQUASM, BP, TTEFP, ENIIM, REPSM, GALP, MOEVE, T, TMUS, TELEFO, KPN, ORAFP, AMT, CLNXSM, AMSSM, DGFP, COLSM, Autos
EUR Outperformers / Underperformers:
Overall, very strong retracement of EUR Corp Seniors (-18bps from the Wides ) & EUR Hybrids (- 42bps from the wides)