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Anglo American (BBB/Baa2): Final Terms Out

BASIC INDUSTRIES
  • We saw FV at low 100s / low 140s vs 118 / 155 final.
  • Larger NIP on the 5.25Y is unsurprising given less value at this part of the curve. See our FV bullet. Books skewed to the 8Y.
Secondary has widened 4-6bp, so still some upside left in these.

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