Hybrids Plummet, Private Credit Booms, Pensions Dive: Credit Chat
FICC Focus
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Pension Under Funding
Each 25 basis point increase in their discount rate, it's going to cut the pension obligations by a little over $2 billion. S&P includes the tax affected under fund pension as well as OPEB in their adjusted debt levels. And so this would be an offset to the drop in assets, which would significantly narrow their liabilities.
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