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A2A Hybrid (AEMSPA: Perp Ba1/BB+)

CREDIT SUPPLY

IPT 5.625% for a 5.25yr Green Hybrid

FV = 5.15%


Using Enel, Iberdrola and Terna as Comps.

AEMSPA 5.25yr senior curve is Z+91

Sen-Sub Spread should be +135bps

Gives Hybrid Z +226

5.25yr Swap = 2.89%

Yield should be 2.89% + 226bps = 5.15%



5.25yr SeniorSen-SubHybrid Z
IBESM44117161
ENELIM75130205
TRNIM75127202
AEMSPA91135226
5.25yr Swap2.89%5.15%

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