- Moody's Affirms Bigbank's Ratings and Assessments
May 12, 2026
BIGBANK AS
Moody’s Ratings (Moody’s) has affirmed all ratings and assessments of Bigbank AS:
Long-term and short-term deposit ratings: Ba1/NP Baseline Credit Assessment (BCA) and Adjusted BCA: ba2 Long-term and short-term Counterparty Risk Ratings: Baa2/P-2 Long-term and short-term Counterparty Risk Assessments: Baa2(cr)/P-2(cr)
The negative outlook on the long-term deposit ratings is maintained.
For more information, visit: www.moodys.com
Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 31 March 2026, the bank's total assets amounted to 3.4 billion euros, with equity of 298 million euros. Operating in nine countries, the bank serves more than 196,000 active customers and employs over 650 people. The credit rating agency Moody's has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.
Argo Kiltsmann
Member of the Management Board
Telephone: +372 5393 0833
Email: argo.kiltsmann@bigbank.ee
www.bigbank.ee
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- Verizon’s Worldwide Hybrid Bond Sale Drive Hits $12 Billion
May 11, 2026
(Bloomberg) -- Verizon Communications Inc. is selling $4 billion of hybrid bonds in the US dollar investment-grade debt market for the first time after issuing the equivalent of $8 billion of them in other currencies over the last six months.
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The company is marketing two $2 billion tranches of notes, with maturities of 30 years and 32 years, according to a person with knowledge of the matter. The longest tenor is set to yield 6.2% compared with initial price talk of about 6.625%, the person said, asking not to be identified disclosing private details.
Proceeds from the sale will be used for general corporate purposes, which may include repayment of outstanding debt, the person added. The telecommunications firm on Monday announced a cash tender offer to repurchase a series of notes maturing between 2027 and 2033.
Verizon’s junior subordinated bonds — which get paid after senior debt in a default — are partly treated as equity by credit rating firms due to features such as long maturities and the ability to defer interest payments for as long as 10 years, reducing its impact on leverage metrics.
For investors, the deal offers an opportunity to lock in higher rates at a time when spreads on more conventional high-grade bonds are tight.
Verizon has sold roughly $8 billion equivalent of junior subordinated bonds denominated in euros, sterling and Australian dollars over the past six months, according to a Bloomberg Intelligence note.
The new offering is being run by BNP Paribas SA, Goldman Sachs Group Inc., JPMorgan Chase & Co., Mizuho Financial Group Inc., Banco Santander SA and Wells Fargo & Co.
Verizon is seeking to reduce its leverage following its acquisition of Frontier Communications Parent Inc. It has paid down about half of the deal’s debt since the transaction closed earlier this year and expects to repay “substantially all of” the remainder by the end of 2026, Chief Financial Officer Tony Skiadas said in a conference call with analysts last month.
“Verizon is clearly leaning into junior subordinated notes as a permanent and growing part of its capital structure,” analysts at CreditSights said, with the shift “driven by the company’s desire to maintain its current ~BBB+ credit rating while adopting a more shareholder-friendly financial policy under the new Dan Schulman regime.”
Story Continues
The bond offering comes as about 12 firms look to raise fresh capital in the US high-grade primary market on Monday, with many moving forward ahead of Tuesday’s inflation data, according to an informal poll of syndicate underwriters.
Borrowing costs remain enticing for potential issuers, with the average spread on high-grade corporate bonds just six basis points above a multi-decade low. Dealers expect about $50 billion in new bond sales this week as most companies exit their earnings blackout periods.
Issuer Profile
Debt distribution: VZ US Equity DDIS
Capital structure: VZ US Equity CAST
Related securities: VZ US Equity RELS
Ratings history: VZ US Equity CRPR
This story was produced with the assistance of Bloomberg Automation
(Adds launch details in first two paragraphs, CreditSights quote in ninth paragraph.)
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- Moody's Corporation (NYSE:MCO) Passed Our Checks, And It's About To Pay A US$1.03 Dividend
May 11, 2026
Readers hoping to buy Moody's Corporation (NYSE:MCO) for its dividend will need to make their move shortly, as the stock is about to trade ex-dividend. The ex-dividend date is usually set to be one business day before the record date, which is the cut-off date on which you must be present on the company's books as a shareholder in order to receive the dividend. The ex-dividend date is important as the process of settlement involves a full business day. So if you miss that date, you would not show up on the company's books on the record date. Meaning, you will need to purchase Moody's' shares before the 15th of May to receive the dividend, which will be paid on the 5th of June.
The company's next dividend payment will be US$1.03 per share, and in the last 12 months, the company paid a total of US$4.12 per share. Based on the last year's worth of payments, Moody's stock has a trailing yield of around 0.9% on the current share price of US$451.32. If you buy this business for its dividend, you should have an idea of whether Moody's's dividend is reliable and sustainable. So we need to investigate whether Moody's can afford its dividend, and if the dividend could grow.
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Dividends are typically paid from company earnings. If a company pays more in dividends than it earned in profit, then the dividend could be unsustainable. Moody's paid out a comfortable 28% of its profit last year.
Companies that pay out less in dividends than they earn in profits generally have more sustainable dividends. The lower the payout ratio, the more wiggle room the business has before it could be forced to cut the dividend.
View our latest analysis for Moody's
Click here to see the company's payout ratio, plus analyst estimates of its future dividends.NYSE:MCO Historic Dividend May 11th 2026
Have Earnings And Dividends Been Growing?
Stocks in companies that generate sustainable earnings growth often make the best dividend prospects, as it is easier to lift the dividend when earnings are rising. If business enters a downturn and the dividend is cut, the company could see its value fall precipitously. This is why it's a relief to see Moody's earnings per share are up 8.5% per annum over the last five years.
The main way most investors will assess a company's dividend prospects is by checking the historical rate of dividend growth. Moody's has delivered an average of 12% per year annual increase in its dividend, based on the past 10 years of dividend payments. We're glad to see dividends rising alongside earnings over a number of years, which may be a sign the company intends to share the growth with shareholders.
Story Continues
Final Takeaway
From a dividend perspective, should investors buy or avoid Moody's? Moody's has seen its earnings per share grow slowly in recent years, and the company reinvests more than half of its profits in the business, which generally bodes well for its future prospects. In summary, Moody's appears to have some promise as a dividend stock, and we'd suggest taking a closer look at it.
So while Moody's looks good from a dividend perspective, it's always worthwhile being up to date with the risks involved in this stock. To help with this, we've discovered 2 warning signs for Moody's that you should be aware of before investing in their shares.
Generally, we wouldn't recommend just buying the first dividend stock you see. Here's a curated list of interesting stocks that are strong dividend payers.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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- Moody’s cuts Wabash rating third time in a year, execs eye ‘27 rebound
May 11, 2026
Trailer manufacturer Wabash National had its debt rating downgraded by Moody’s for the third time in a year, almost to the day, while executives on a company earnings call with analysts a few days earlier tried to make a case for a turnaround that would start next year.
The latest Moody’s move, announced May 5, is a downgrade of its corporate family rating to B3 from B2. Moody’s downgraded Moody’s to B1 on May 7, 2025 and then to B2 on November 5.
Meanwhile, S&P Global Ratings cut the Wabash debt rating to B+ in May of last year and B soon after Moody’s (NYSE: MCO) made its move to B2 in November. That latest rating for Wabash is still in effect at S&P Global. The B rating at S&P Global Ratings (NYSE: SPGI) is considered a notch above Wabash’s B3 grade at Moody’s.
The B3 rating at Moody’s is six notches below the cutoff line between investment grade and non-investment grade debt.
‘Very weak’ credit metrics
“The rating downgrade reflects our expectation that Wabash’s credit metrics will remain at very weak, unsustainable levels over the next 12 months,” Moody’s said in its report. “Wabash’s earnings have evaporated and cash burn has persisted during a prolonged down cycle in new truck trailer production as the company’s customers defer investments in their transportation fleets.”
Moody’s said trailer production at Wabash (NYSE: WNC) should increase sequentially during the year, though the latest quarterly data continues a long slide.
Wabash data on trailers shipped has been declining steadily for many months. It was 5,378 in the first quarter, down from 5,901 in the fourth quarter of 2025. Its recent high-water mark was 13,670 in the third quarter of 2022.
Financial measures have also been grim at Wabash. It reported cash and cash equivalents on hand at $31.9 million at the end of 2025. A year earlier, it was $144.5 million. At the end of 2022, cash and cash equivalents were $58.2 million.
Net sales in its Transportation Solutions segment, which includes its truck manufacturing operations, were $250.1 million in the first quarter of 2026. Sequentially, that is less than the $262.9 million in the fourth quarter of 2025.
Story Continues
In the third quarter of 2022, Transportation Solutions reported net sales in Transportation Solutions of $611.8 million.
Wabash’s net income last year was impacted positively by the settlement of the nuclear verdict it faced in Missouri. But more reflective of its operations, the company posted a gross profit of $69.9 million in 2025 for all operations, down from $265 million a year before. In 2022, gross profit was $322.7 million.
Company seeing ‘early stabilization’
In Wabash’s first quarter earnings call, when the company posted an operating loss of $37.3 million in its Transportation Solutions segment, which contains its trailer manufacturing activities, CEO Brent Yeagy acknowledged the poor performance but sought to forecast better days.
“Order patterns were uneven, asset utilization inconsistent and capital decisions across the industry were being evaluated carefully,” he said. “At the same time, we were encouraged by early signs of stabilization and improving fundamentals that typically precede a broader recovery. Now as we move into the second quarter of 2026, both our customers and our visibility continues to improve. And it shows an environment that is building the set up for a constructive 2027 as spot rates, contract rates, capacity and demand, all are coming together and drive back to replacement demand for equipment and possibly beyond as fleets begin to plan more confidently.”
Wabash is not followed closely by equity analysts; only one was on the earnings call.
Rising backlog
Yeagy said the company’s backlog in the quarter was $837 million, which was up 19% from the fourth quarter of 2026. He added it was the highest quarter-to-quarter gain in backlog growth for the first quarter in the company’s history .
Even with an improvement in market conditions, Moody’s said it still expects Wabash’s debt/EBITDA ratio to be 6X at the end of 2027 “though trending in a positive direction.” The agency said it expects free cash flow to remain negative, “as the company’s working capital needs to support growth outweigh the recovery in earnings.”
Moody’s also said at the end of 2023, that ratio was 1X.
The debt issue also was raised in terms of Wabash’s short term needs. Moody’s said Wabash has “adequate liquidity to bridge the company to what we expect will be a meaningfully improved production environment in 2027.”
But it’s going to need to rely more on a $350 million asset-based revolving credit facility, Moody’s said. That ABL expires in September 2027, “which introduces refinancing risk in the near-term.”
Moody’s added that it expects Wabash’s revenue would be “slightly down in 2026, with negative earnings and free cash flow.”
Wabash’s stock is only down 9.37% in the last 52 weeks. But the more recent trends have been brutal: down 17.58% in the last month and 31.55% in the last year. According to Yahoo Finance, its five-year rate of return exceeds negative 58%.
Wabash declined comment on the Moody’s rating change.
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- Ecopetrol (EC) Downgraded at Moody’s, Outlook Revised to Negative
May 9, 2026
Ecopetrol S.A. (NYSE:EC) is included among the 10 Best Energy Stocks to Buy Under $20 According to Billionaires.Ecopetrol (EC) Downgraded at Moody's, Outlook Revised to Negative
With a workforce of over 18,000, Ecopetrol S.A. (NYSE:EC) is among the largest companies in Colombia and one of the leading integrated energy groups on the American continent.
On May 6, the credit rating agency Moody’s downgraded Ecopetrol S.A. (NYSE:EC)’s global credit rating from Ba1 to Ba2, while also revising its outlook from stable to negative. However, the agency affirmed the company’s Baseline Credit Assessment (BCA), or stand‑alone credit profile, at b1, highlighting its intrinsic strength.
According to Moody’s, the downgrade is primarily driven by a more cautious assessment of support from the Government of Colombia. This stems from the rising concerns regarding potential government interference and reduced clarity regarding the timeliness and predictability of support mechanisms, especially those tied to the Fuel Price Stabilization Fund (FEPC).
Conversely, Moody’s reaffirmed Ecopetrol S.A. (NYSE:EC)’s BCA at b1, citing the company’s solid position as the leading integrated oil and gas company in Colombia. This assessment is supported by Ecopetrol’s diversified operations, moderate leverage levels, solid liquidity, and its key role in ensuring the South American country’s energy supply.
While we acknowledge the potential of EC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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- Coinbase Q1 Earnings Miss Expectations, Revenues Decline Y/Y
May 8, 2026
Coinbase Global, Inc. COIN reported first-quarter 2026 adjusted operating loss of 17 cents per share, in contrast to the Zacks Consensus Estimate of earnings of 36 cents. COIN had reported an operating income of $1.94 per share in the prior-year quarter.
The quarterly results reflected lower consumer transaction revenues, a decrease in blockchain rewards and other revenues, lower trading volume, and escalating operating expenses.
Coinbase Global, Inc. Price, Consensus and EPS Surprise
Coinbase Global, Inc. price-consensus-eps-surprise-chart | Coinbase Global, Inc. Quote
Operational Update
Total trading volume decreased 50% year over year to $202 million in the reported quarter. The Zacks Consensus Estimate was pegged at $224 million.
Total revenues of $1.4 billion missed the Zacks Consensus Estimate by 5.6%. The top line decreased 30.5% year over year due to lower Transaction revenues, Subscription and services revenues, and other revenues.
Total transaction revenues decreased 40% year over year to $755.8 million in the quarter. The downside was due to a decrease in consumer transaction revenues, offset by an increase in institutional transaction revenues. The Zacks Consensus Estimate was pegged at $827 million.
Total subscription and services revenues decreased 14% year over year to $583.5 million in the reported quarter. The downside was due to a decrease in blockchain rewards, offset by increases in stablecoin revenues. The Zacks Consensus Estimate was pegged at $620 million.
Adjusted EBITDA was $303 million in the reported quarter, which fell 67% from the year-ago quarter. Total operating expenses increased 8% to $1.4 billion in the quarter due to higher technology and development, sales and marketing, losses on crypto assets held for operations, net, and other operating expenses.
Financial Update
Coinbase exited the first quarter with cash and cash equivalents of $10.2 billion as of March 31, 2026, down 9.6% from 2025-end.
As of March 31, 2026, long-term debt remains flat from 2025-end to $5.9 billion.
Shareholders' equity was $13.5 billion at first-quarter 2026-end, down 8.9% from 2025-end.
Net cash used in operating activities was $182,7 million in the first quarter of 2026, which decreased 78.6% year over year.
Q2 2026 Outlook
Coinbase expects subscription and services revenues to be in the range of $565-$645 million.
COIN expects technology and development and general and administrative expenses to be in the range of $820-$870 million.
Coinbase expects sales and marketing expenses to be in the $200-$300 million range. Coinbase expects transaction expenses to be in the low-to-mid teens as a percentage of net revenues.
Coinbase expects stock-based compensation to be $240 million, and restructuring expense to be in the range of $50-$60 million.
Story Continues
Zacks Rank of COIN
COIN currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Financial - Miscellaneous Services Providers
Moody's Corporation MCO reported first-quarter 2026 adjusted earnings of $4.33 per share, which outpaced the Zacks Consensus Estimate of $4.25. The bottom line grew 13% from the year-ago quarter.
After considering certain non-recurring items, net income attributable to Moody's was $661 million, or $3.73 per share, up from $625 million, or $3.46 per share, in the prior-year quarter. Quarterly revenues were $2.08 billion, which surpassed the Zacks Consensus Estimate of $2.07 billion. The top line rose 8% year over year. Total expenses were $1.16 billion, up 7% year over year.
Bread Financial Holdings, Inc. BFH reported first-quarter 2026 operating income of $4.18 per share, outperforming the Zacks Consensus Estimate by 39.3%. The bottom line rose 49% year over year. Revenues increased 5% from the prior-year level to $1 billion, exceeding the consensus estimate by 1.1%.
Credit sales of $6.5 billion increased 7% year over year. Average loan increased 1% to $18.3 billion, and end-of-period loans rose 2% to $18.1 billion. Total interest income increased 2% to $1.2 billion, missing the Zacks Consensus Estimate by 0.4%, and our model estimate by 2.1%. The net interest margin improved 120 basis points to 19.3%, whereas the Zacks Consensus Estimate was pegged at 18.2%.
Virtu Financial, Inc. VIRT reported first-quarter adjusted earnings per share of $2.24, which beat the Zacks Consensus Estimate by 34.9%. The bottom line increased 72.3% year over year. Adjusted Net Trading Income rose 58.2% year over year to $786.5 million, surpassing the consensus estimate by 37.5%. Revenues from commissions, net and technology services rose 23.3% year over year to $186.6 million. The metric beat the Zacks Consensus Estimate and our model estimate of $163.2 million.
Interest and dividend income of $127.5 million increased 16.9% year over year but missed both the Zacks Consensus Estimate and our estimate of $128.6 million. Adjusted EBITDA increased 62.7% year over year to $520.6 million. Adjusted EBITDA margin improved year over year to 66.2% from 64.4% a year ago.
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- Assessing Moody’s (MCO) Valuation After Recent Share Price Momentum Shift
May 8, 2026
Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide.
Understanding Moody's Stock After Recent Performance Shifts
Moody's (MCO) has drawn investor attention after a recent 1.9% daily gain, set against a year-to-date total return decline of 8.4% and a 2.3% drop over the past year.
See our latest analysis for Moody's.
The recent 1 day share price return of 1.89% to about $457 sits against a weaker year to date share price return and a modest 1 year total shareholder return, while multi year total shareholder returns remain stronger. This suggests momentum has cooled recently after earlier gains.
If this kind of reset in sentiment has you thinking about where else to put fresh capital, it could be a good moment to scan for 19 top founder-led companies
With Moody's stock down year to date but still carrying multi year gains and trading below some analyst targets, should you view this as an undervalued risk assessment giant or assume the market is already taking future growth into account?
Price-to-Earnings of 32x: Is It Justified?
At a last close of about $457, Moody's trades on a P/E of 32x, which screens as expensive against some benchmarks and cheaper against others.
The P/E ratio compares the current share price with earnings per share and is a quick way to see how much investors are paying for each dollar of profit. For a risk assessment company with established earnings and global operations, a higher P/E can suggest the market is willing to pay more for its profit stream.
Against a fair P/E estimate of 17.2x from the SWS fair ratio work, the current 32x looks rich. This implies the market is assigning a premium well above the level that model points to as a potential equilibrium. At the same time, the stock trades below the US Capital Markets industry average P/E of 42.8x, so the market is not pricing Moody's at the top of its peer group and could still be assuming slower growth or higher risk than some competitors.
This contrast is even clearer when you compare Moody's with its peer average P/E of 25x. The current 32x suggests investors are paying more for its earnings than for the typical peer, while the fair P/E of 17.2x reflects a level the market could move towards if sentiment cooled or growth expectations softened materially.
Explore the SWS fair ratio for Moody's
Result: Price-to-Earnings of 32x (OVERVALUED)
However, you also need to weigh risks such as a further reset in sentiment after recent share price weakness, as well as any setback in revenue or net income growth.
Story Continues
Find out about the key risks to this Moody's narrative.
Another View: DCF Suggests A Tighter Margin Of Safety
While the P/E discussion points to a rich valuation versus the fair ratio, the SWS DCF model adds another layer. On this view, Moody's estimated future cash flow value of about $431 per share sits below the current $457 price, hinting at a stock that is slightly overvalued rather than cheap.
That gap is not huge in dollar terms. However, it does mean your upside relies more on future execution and sentiment than on a wide valuation cushion, so the real question is how comfortable you are with that trade off.
Look into how the SWS DCF model arrives at its fair value.MCO Discounted Cash Flow as at May 2026
Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Moody's for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 51 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.
Next Steps
With sentiment clearly mixed, this is a moment to move quickly and test the story against the numbers yourself. You can start with the 3 key rewards and 2 important warning signs.
Looking for more investment ideas?
If you stop with just one stock, you risk missing other opportunities that fit your style. Let the data do the heavy lifting for you.
Target stability with companies that emphasise strong finances by tapping into the solid balance sheet and fundamentals stocks screener (44 results). Hunt for quality at a sensible price by scanning the 51 high quality undervalued stocks. Build a portfolio that leans on income by reviewing the 12 dividend fortresses.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include MCO.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Hybrid Bond Sales Reach Record as Companies Pounce on Low Costs
May 7, 2026
(Bloomberg) -- Companies are selling hybrid bonds at a record pace, seeking to pad their balance sheets while the extra cost of the risky debt hovers near an all-time low.
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More than $65 billion hybrid bonds in major currencies have been sold year-to-date, the most ever at this point in the year, based on data compiled by Bloomberg. The total has been boosted by debuts from the likes of beer giant Carlsberg Breweries A/S and packaged food company General Mills Inc., as well as repeat issuers including Verizon Communications Inc.
For companies, selling hybrids is a way to improve credit metrics, because they’re treated partly as equity by rating firms, reducing their balance-sheet impact. And many are seizing the chance to improve their debt profiles now, while spreads over senior bonds are near the tightest ever, and as tougher economic conditions — and potential rate hikes — loom.
The asset class is also benefiting from a crowd of yield-focused investors ready to buy the bonds — and willing to accept the small amount of extra spread they are getting for risks including subordination clauses, skippable coupons and uncertain repayment dates.
“Now is really a good time, from a demand perspective, to put your house in order and then have a bit of a relief on the rating metrics side of things,” said Hans Niethammer, head of investment-grade financing solutions at UniCredit SpA.
The extra spread of a hybrid over a senior bond hit a record low of 58 basis points in March and remains close to that milestone, according to ICE BofA global indexes. While that makes it cheaper for companies to issue hybrids, the investors piling into the securities may be exposed to losses if spreads widen.
“There is just massive demand for higher carry products and issuers take advantage of it,” said Steffen Ullmann, senior portfolio manager for multi asset credit at HAGIM GmbH.
Defensive and Opportunistic
There are two kinds of companies currently selling hybrid bonds, according to Ullmann: those that have to defend their credit rating and those that are more opportunistic, using the low spreads to raise capital while keeping equity investors undiluted, “and it seems everyone is happy at the moment.”
For Carlsberg, selling a hybrid bond and offering to buy back senior debt was a way for the brewer to improve its overall debt stack after its acquisition of soft drinks supplier Britvic. Verizon’s recent hybrid sale, meanwhile, marked an opportunistic second foray into Europe’s subordinated debt market after the US telecom operator sold one of the largest-ever euro hybrids in November.
Story Continues
This year’s hybrid deluge continues a boom that was sparked by a 2024 change in the way Moody’s Ratings treated non-financial hybrid bonds. That rule change, which effectively boosted the equity recognition of hybrids, first spurred supply of the bonds in the US, before spreading to other markets, from Canada to Australia.
So far this year, euro issuance has accounted for more than half of supply in G-10 currencies, based on data compiled by Bloomberg. Meanwhile, a gauge of the size of the corporate hybrid bond market in euros, which had remained rangebound since 2021, is rising this year and is on track to hit the €100 billion ($117 billion) mark for the first time ever.
To be sure, the high-risk nature of the bonds means investors are more vulnerable to the risks currently looming over financial markets. European debt markets are particularly exposed, given the region’s greater vulnerability to the energy shock caused by the war in the Middle East.
“The Carlsberg hybrid is just about worth doing but a lot of risk needs to be thought about during a potential consumer-led downturn,” said Luke Hickmore, an investment director for fixed income at Aberdeen Investments, as the brewer’s deal hit the market on Wednesday. He cautioned about a widening of the gap between subordinated and senior bond spreads in the event of a selloff driven by the economy or corporate fundamentals.
Still, demand for the bonds is unabated for now, with orders for new hybrids in Europe so far in 2026 exceeding the amount issued by an average of 4.5 times, based on data compiled by Bloomberg.
HAGIM’s Ullmann prefers hybrids with a short time left to the first call, as those with several years to go can be more volatile.
“Most of them are very tight from our perspective, but then there are selective opportunities if you have a positive view on certain names,” he said.
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- FUTU vs. MCO: Which Stock Is the Better Value Option?
May 6, 2026
Investors looking for stocks in the Financial - Miscellaneous Services sector might want to consider either Futu Holdings Limited Sponsored ADR (FUTU) or Moody's (MCO). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Currently, Futu Holdings Limited Sponsored ADR has a Zacks Rank of #1 (Strong Buy), while Moody's has a Zacks Rank of #3 (Hold). The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that FUTU has an improving earnings outlook. But this is only part of the picture for value investors.
Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.
Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.
FUTU currently has a forward P/E ratio of 13.16, while MCO has a forward P/E of 27.24. We also note that FUTU has a PEG ratio of 0.90. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. MCO currently has a PEG ratio of 2.45.
Another notable valuation metric for FUTU is its P/B ratio of 4.25. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, MCO has a P/B of 25.27.
These metrics, and several others, help FUTU earn a Value grade of B, while MCO has been given a Value grade of D.
FUTU sticks out from MCO in both our Zacks Rank and Style Scores models, so value investors will likely feel that FUTU is the better option right now.
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Futu Holdings Limited Sponsored ADR (FUTU) : Free Stock Analysis Report
Moody's Corporation (MCO) : Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).
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- Moody's Downgrades Ecopetrol's Global Credit Rating to Ba2 and Affirms Its Stand‑Alone Credit Profile at b1
May 6, 2026
BOGOTA, Columbia, May 6, 2026 /PRNewswire/ -- Ecopetrol S.A (BVC: ECOPETROL; NYSE: EC) hereby informs that today, the credit rating agency Moody's Ratings downgraded the Company's global credit rating from Ba1 to Ba2 and revised the outlook from stable to negative. In contrast, the agency affirmed Ecopetrol's Baseline Credit Assessment (BCA), or stand‑alone credit profile, at b1, highlighting the Company's intrinsic strength.(PRNewsfoto/Ecopetrol S.A.)
According to Moody's, the downgrade to Ba2 with a negative outlook is mainly driven by a less favorable view on the support from the Government of Colombia, stemming from an increased perception of potential government interference and reduced clarity regarding the timeliness and predictability of support mechanisms, particularly those related to the Fuel Price Stabilization Fund (FEPC). In this context, Moody's also included considerations related to Ecopetrol's corporate governance and its influence on the rating.
Additionally, Moody's incorporated the possibility of higher refinancing risk associated to a potential material merger and acquisition transaction financed with short‑term debt. Nevertheless, the agency highlighted that the Company has strong sources of liquidity that support its financial profile.
Moody's reaffirmed Ecopetrol's stand‑alone credit profile (BCA) at b1, considering the Company's solid business profile as Colombia's leading integrated oil and gas company, supported by the diversification of its operations, moderate leverage levels, an adequate liquidity position, and its strategic role in ensuring the country's energy supply.
The complete report published by Moody's is provided below.
Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.
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This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.
For more information, please contact:
Investor Relations Office
Email: investors@ecopetrol.com.co
Head of Corporate Communications (Colombia)
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.coCision
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