Post by Kepler Cheuvreux

Kepler Cheuvreux's Credit Research team has just published its latest Corporate Hybrid Monitor. Two themes stand out. The rise of automatic-conversion hybrids (SPACE), a structural innovation offering 100% equity credit at Moody's, with SES's successful debut signalling a potential new sub-segment. And a rate-driven repricing triggered by Middle East escalation, pushing returns into negative territory but resetting yields to ~4.7% and restoring carry. Find the full report here: https://lnkd.in/eZTVZNtz The team is composed of experienced credit analysts and is focused on four pillars:   1/ High Yield bonds 2/ Corporate hybrid bonds 3/ European banks (additional tier 1 and tier 2 bonds) 4/ European insurers (RT1 and tier 2 bonds)   Contact: Sébastien BARTHELEMI, Cyril Benayoun, CFA and Nicolas Van Orshoven.