Recent tightening in Public Service Enterprise Group 0.8% 2025 (PEG 25's) make the bonds look expensive. We highlight the dislocation against Entergy Corporation 2.95% 2026 (ETR 26's). The spread difference between ETR 26's and PEG 25's has been 10bps on average over the LTM and has now increased to 30bps. The only time in the last year that the spread difference was above 20bps it returned back to the mean in less than 30 days. Holders of PEG 25's have the opportunity to take profits at 33bps and switch into ETR 26's at 64bps in a risk neutral trade with a 1 yr maturity extension.