| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | ENGY | PRCD | OMVAV | OMV AG | €750 | 1 | EMEA | Jun 3, 2026 |
Perp Hybrid
PNC6.5 (Sep 2032) @ 5.125% area
Implied Spread for fresh PNC6.5 @ 4.591% (ms+167.5)
Priced at 4.575%
NIC of +1.5
COMPS | ||||||
1) 5-6yr O&G Hybrids: | ||||||
Bond | Rating (M/S&P/F) | Issue Dt | Amt | Reset Dt | i-spd | YTR |
OMVAV 4.370 NC 12/30 | Baa2/-/BBB | Jun-25 | €750mm | 4.6yr | ms+158bp | 4.34% |
BPLN 4.375 NC 11/31 | A3/BBB/A- | Nov-24 | €750mm | 5.5yr | ms+125bp | 4.06% |
ENIIM 4.500 NC 4/31 | Baa2/BBB/BBB | Jan-25 | €900mm | 4.9yr | ms+148bp | 4.28% |
ENIIM 4.125 NC 4/32 | Baa2/BBB/BBB | Jan-26 | €1000mm | 5.9yr | ms+159bp | 4.40% |
REPSM 4.500 NC 6/31 | Baa3/BBB-/BBB- | Jun-25 | €750mm | 5.1yr | ms+159bp | 4.38% |
REPSM 4.197 NC 2/32 | Baa3/BBB-/BBB- | Nov-25 | €750mm | 5.7yr | ms+167bp | 4.47% |
TTEFP 3.790 NC 5/31 | A2/A-/- | Feb-26 | €1500mm | 5.0yr | ms+139bp | 4.17% |
TTEFP 2.125 NC 1/33 | A2/A-/- | Jan-21 | €1500mm | 6.7yr | ms+146bp | 4.14% |
2) Recent 5-6yr IG Hybrids: | ||||||
Bond | Rating (M/S&P/F) | Issue Dt | Amt | Reset Dt | i-spd | YTR |
AMPRIO 4.250 NC 7/31 | Baa3/-/BBB | Apr-26 | €500mm | 5.2yr | ms+155bp | 4.34% |
CARLB 4.370 NC 8/31 | Baa3/-/BBB- | May-26 | €1000mm | 5.2yr | ms+161bp | 4.40% |
ENGIFP 4.371 NC 7/31 | Baa3/BBB-/BBB | Apr-26 | €1000mm | 5.1yr | ms+155bp | 4.35% |
IBESM 3.950 NC 3/33 | Baa3/BBB-/BBB | Mar-26 | €600mm | 6.8yr | ms+151bp | 4.35% |
ONCRTX 4.550 NC 11/31 | Baa2/BBB/BBB | May-26 | €850mm | 5.5yr | ms+164bp | 4.45% |
REESM 4.375 NC 4/32 | -/BBB-/BBB- | Apr-26 | €500mm | 5.9yr | ms+146bp | 4.28% |
SSELN 4.375 NC 09/31 | Baa3/BBB-/BBB | Jun-26 | €650mm | 6.3yr | ms+154bp | 4.38% |
3) Short Dated Senior O&G Comps: | ||||||
Bond | Rating (M/S&P/F) | Issue Dt | Amt | Tenor | i-spd | Yield |
OMVAV 0.750 6/30 | A3/-/A- | Jun-20 | €750mm | 4.1yr | ms+29bp | 3.07% |
OMVAV 3.250 9/31 | A3/-/A- | Sep-24 | €500mm | 5.3yr | ms+31bp | 3.11% |
OMVAV 2.375 4/32 | A3/-/A- | Apr-20 | €750mm | 5.9yr | ms+37bp | 3.19% |
BPLN 3.360 9/31 | A1/A-/A+ | Sep-24 | €800mm | 5.3yr | ms+55bp | 3.35% |
ENIIM 2.000 5/31 | A3/A-/A- | May-20 | €1000mm | 5.0yr | ms+47bp | 3.27% |
| CreditFlow: End of Day (Europe IG) | Jun 3, 2026 |