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APRR (Societe des Autoroutes Paris-Rhin-Rhone-APRR) (APRRFP; NR/A-/A) 9Y FINAL

TRANSPORTATION
31% owned by {Atlas; ALX AU Equity} (Baa2/BB-Neg/BB-) with remaining majority held by {Eiffage; FGR FP Equity} (NR/A-/A)

  • WNG €500m 9.3Y FINAL +93 vs. FV 85 (+8bp NIC)
    • Tightened another 7bps from guidance to take away the double digit NIC.
    • Books>€1.8b, secondary has held surprisingly well (unch to +3)/
    • We have spread 15bps for the 4Y extension from the 30s (the last issuance; May 2023
    • We have no firm view on this curve - please see important asides above though.

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31% owned by {Atlas; ALX AU Equity} (Baa2/BB-Neg/BB-) with remaining majority held by {Eiffage; FGR FP Equity} (NR/A-/A)

  • WNG €500m 9.3Y FINAL +93 vs. FV 85 (+8bp NIC)
    • Tightened another 7bps from guidance to take away the double digit NIC.
    • Books>€1.8b, secondary has held surprisingly well (unch to +3)/
    • We have spread 15bps for the 4Y extension from the 30s (the last issuance; May 2023
    • We have no firm view on this curve - please see important asides above though.