HYBRIDS: Tennet (TENN: Hybrids Baa3/BB-) Perps stay where they are
Hybrids are – and will continue to be – issued by TenneT Holding BV
• TenneT is creating two subsidiaries- Dutch and German – to manage and finance their respective grids
• Senior bonds are migrating to the TenneT Netherlands subject to consent
• Hybrids will remain at the Hold Co level
• S&P has cut the Perps from BB+ to BB-
• The company is expected to operate with FFO/Debt of 5%-6% from 8.5% currently
• Capex is expected to increase at 17%-19% CAGR until 2029 vs FFO at 8%-10%
• Discretionary cashflows expected to average negative €15-17bn over the period
• Dutch State support moderate to high should provide some comfort
• Moody’s has no reacted yet
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FED: US TSY 52W BILL AUCTION: HIGH 3.945%(ALLOT 28.92%)
- US TSY 52W BILL AUCTION: HIGH 3.945%(ALLOT 28.92%)
- US TSY 52W BILL AUCTION: DEALERS TAKE 40.00% OF COMPETITIVES
- US TSY 52W BILL AUCTION: DIRECTS TAKE 2.00% OF COMPETITIVES
- US TSY 52W BILL AUCTION: INDIRECTS TAKE 58.00% OF COMPETITIVES
- US TSY 52W AUCTION: BID/CVR 3.13
GILT AUCTION PREVIEW: On offer next week
The DMO has announced it will be looking to sell GBP2bln of the 4.75% Oct-43 Gilt (ISIN: GB00BPJJKP77) at its auction next Tuesday, March 25.
EQUITIES: Longer dated Estoxx call spread
SX5E (20/03/26) 5550/6000cs 1x2, bought for 49.5 in 3k.
