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Shell-shocked: a whale trade in corporate bonds

Recent controversy around seismic exploration off the coast of South Africa leads us to revisit an earlier recommendation on long-dated USD bond of one of the oil majors. The optics of the excursion are not great, and we reiterate the underweight recommendation. 

Update: Added information about the funding of Amazon Warrior.

 

(1 Dec/ 30 Nov 2021)


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Big Oil's terrible day: Bond market (lack of) reactions

We review the small - if any- moves in credit spreads during the week of a barrage of news flow with regards to Big Oil companies such as Exxon, Shell, Chevron and Total. The lack of action in credit is juxtaposed versus moves in equities. Historically, equity momentum has been a strong predictor of credit spreads.


(1 June 2021)



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Shell long-end USD bonds: Smoked not smoking

Shell long-end bonds have compressed vis-a-vis higher spread peers and decompressed from lower beta. This should be interesting for relative transition plays in the oil sector.


(18 Feb 2022)



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