跨大西洋每周混合资本监测

Change since…yieldCurrentsprd12mthp'ctile1W1M2M3M3.2%9390%-5-148154.7%24369%-7-4123532.7%6143%-7-14363.0%8148%-7-164123.8%16350%-10-3121335.6%34730%-23-9426614.0%16864%-10-3711255.8%32886%-28-8315444.4%20374%-20-6922416.4%36376%-28-1003877Restricted - External 6MYTD13-1512-6-8-6-7-5-1-321-94817-5101842 Soren Willemann+44 (0) 20 7773 9983soren.willemann@barclays.comBarclays, UKFranck Bataille+33 (0) 14458 3221franck.bataille@barclays.comBBI, ParisBradford Elliott, CFA+1 212 526 6704bradford.elliott@barclays.comBCI, USKhush Patel+44 (0) 20 7773 4647khush.patel@barclays.comBarclays, UKParikshit Budhe+ 91 (0) 22 6175 1815parikshit.budhe@barclays.comBarclays, UK European HybridsEuropean Corporate HybridsSpreadDifferentialsFIGURE 3. Hybrids vs Senior ex-Real Estate (Issuer- and maturity-matched set of pairs)Source: Bloomberg, Barclays Research16 May 2025 Source: Bloomberg, Barclays ResearchSpread RatiosFIGURE 7. Hybrids vs €-IG index spread ratio1.82.32.83.33.84.34.8May22Nov22May23€ corp hybrids to call vs €-IG index spread ratio (2.6x)Source: Bloomberg, Barclays ResearchFIGURE 9. € Corp hybrids vs €-IG Bank LT2s spread ratio0.80.91.01.11.21.31.41.51.61.71.8May22Nov22May23€ corp hybrids to call vs €-IG Bank LT2s spread ratio (1.5x)Source: Bloomberg, Barclays Research16 May 2025 European Financial HybridsBank Hybrids - Matched PairsFIGURE 11. € AT1 vs € LT2 (Issuer- and maturity-matched set of pairs)Source: Bloomberg, Barclays ResearchFIGURE 13. € LT2 vs € SNP (Issuer- and maturity-matched set of pairs)0100200300400May-22Jan-23Sep-23€LT2-SenNP basis (RHA) (62bp)€SenNP (69bp)€LT2 (129bp)z-sprd (to call),bpSource: Bloomberg, Barclays Research16 May 2025 050100150200250May-24Jan-25 Bank Hybrids- € vs $FIGURE 15. € vs $ AT1 spreadSource: Bloomberg, Barclays ResearchFIGURE 17. € vs $ LT2 spread-80-60-40-20020406080100Apr22Oct22Apr23€ vs $ LT2 spread (-42.2x)Source: Bloomberg, Barclays Research16 May 2025 Sub Inco - Spread RatiosFIGURE 19. € RT1 vs Inco T2 spread ratioSource: Bloomberg, Barclays ResearchFIGURE 21. £ RT1 vs Inco T2 spread ratio2.11.01.52.02.53.03.5Apr22Oct22Apr23Oct23£ RT1 vs T2 ratio (1.5x)Source: Bloomberg, Barclays Research16 May 2025 Source: Bloomberg, Barclays ResearchFIGURE 25. £ Inco vs Bank T2 spread ratio0.60.70.80.91.01.11.2Apr22Oct22Apr23£ Inco vs Bank T2 ratio (1.0x)Source: Bloomberg, Barclays ResearchFIGURE 27. € vs £ RT1 spread ratio0.50.60.70.80.91.01.1Apr22Oct22Apr23€ vs £ RT1 ratio (1.0x)Source: Bloomberg, Barclays Research16 May 2025 FIGURE 29. € vs $ Inco T2 spread ratioSource: Bloomberg, Barclays ResearchFIGURE 31. $ vs £ Inco T2 spread ratio0.70.80.91.01.11.21.31.41.5Apr22Oct22Apr23Oct23$ vs £ T2 ratio (0.9x)Source: Bloomberg, Barclays Research16 May 2025 US Hybrids & PreferredsFIGURE 33. Corporate & Insurance Hybrid SpreadsSource: Bloomberg, Barclays ResearchUS Corporate HybridsSpread RatiosFIGURE 35. Hybrid vs Senior (long-dated senior)1.01.21.41.61.82.02.231-Dec-2131-Dec-2231-Dec-23IndustrialsSource: Bloomberg, Barclays Research16 May 2025 Source: Bloomberg, Barclays ResearchUS Bank PreferredsSpread RatiosFIGURE 39. Hybrid vs Senior (matched to next call)1.5x2.0x2.5x3.0x3.5x4.0x31-Dec-2131-Dec-22Source: Bloomberg, Barclays Research16 May 2025 31-Dec-23Big 6 FIGURE 41. $AT1s vs US Bank PrefsSource: Bloomberg, Barclays Research Analyst(s) Certification(s):We, Soren Willemann, Bradford Elliott, CFA, Parikshit Budhe, Franck Bataille and Khush Patel, hereby certify (1) that the views expressed in thisresearch report accurately reflect our personal views about any or all of the subject securities or issuers referred to in this research report and (2) nopart of our compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays").All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe local time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:For current important disclosures regarding any issuers which are the subject of this research report please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies covered in its research reports. As a result, investorsshould be aware that Barclays may have a conflict of interest that couldaffectthe objectivity of this report. Barclays Capital Inc. and/or one of itsaffiliatesregularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are the