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Alstom (ALOFP: Baa3/ ): Perps Continue To Perform

CREDIT UPDATE
  • Alstom perps are now trading with Sub_Sen spread +162bps
  • Telefonica 5yr is +168 for the 2.376% or +170.6 for the 6.135%
  • The next significant event for the Perp will be the company gaining IG Rating at the Senior level with S&P which is their stated aim.
  • Equity is up today on a CIC upgrade to "Buy".

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