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Air Baltic (AIRBAL Sr Sec; NR, B+, B) Government owned

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  • S&P upgrades to 'B+'; off pos. watch & now stable outlook.
  • It already had the prelim ratings at B+ for the 29s when they were priced 2 weeks ago.
  • The new line has ripped tighter (+6.2pts/-150bps on YTW), cash px moves have it already above 3yr call at €103.625.
Pricing day;
  • Priced the €340m 5.25NC2 Sr Sec at 14.5%/Z+1100 vs. price talk 15%a
  • Tough refi for the co - its 24's were issued in 2019 at 6.75%/Z+700 at then BB- ratings - bonds were trading about ~6% below the €101.7 call its exercised.
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  • S&P upgrades to 'B+'; off pos. watch & now stable outlook.
  • It already had the prelim ratings at B+ for the 29s when they were priced 2 weeks ago.
  • The new line has ripped tighter (+6.2pts/-150bps on YTW), cash px moves have it already above 3yr call at €103.625.
Pricing day;
  • Priced the €340m 5.25NC2 Sr Sec at 14.5%/Z+1100 vs. price talk 15%a
  • Tough refi for the co - its 24's were issued in 2019 at 6.75%/Z+700 at then BB- ratings - bonds were trading about ~6% below the €101.7 call its exercised.