Free Trial

Alliander (Aa3/A+): Hybrid FV

CREDIT SUPPLY

We see FV @ 4.70%


Alliander enjoys a significantly better rating than recently issued perps - see table - so should trade with Senior-Sub FV +135.

ALLRNV 0.875 32 (small deal 300m) senior trades z+59

EUSA8 = 2.76%

FV = 4.70% (2.76+59+135)

IPT = 5.25-5.375%


Given the current febrile state of EUR credit Investors may expect a small discount to FV to get the deal done.


Size: 500m WNG

Tenor: PerpNC8

Rating: A3/BBB+

ISIN: XS2829852842

Sen-Subto Call
ENBW 5 1/4 +1195.4yBBB-Baa3
TRNIM 4 3/4+1575.6yBBB-Ba1
EDPPL 4 3/4 +1355.7yBB+Ba1
ENGIFP 4 3/4 +1405.7yBBB-Baa3
IBESM 4.871 +1476.6yBBB-Baa3
ENELIM 6 5/8 +1596.8yBB+Baa3
ENGIFP 5 1/8 +1548.7yBBB-Baa3

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.