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

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  • WNG €500m 9.3Y Guidance +100a vs. FV 85 (+15bp)
    • 31% owned by {ALX AU Equity} (Baa2/BB-Neg/BB-) with remaining majority held by {FGR FP Equity} (NR/A-/A)
    • Looks like it will give double digit NIC here - please see above re. ongoing regulation changes.
    • We have spread 15bps for 4Y extension from the 30s (the last issuance; May 2023)
    • We have no firm view on this curve - please see important asides below though

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  • WNG €500m 9.3Y Guidance +100a vs. FV 85 (+15bp)
    • 31% owned by {ALX AU Equity} (Baa2/BB-Neg/BB-) with remaining majority held by {FGR FP Equity} (NR/A-/A)
    • Looks like it will give double digit NIC here - please see above re. ongoing regulation changes.
    • We have spread 15bps for 4Y extension from the 30s (the last issuance; May 2023)
    • We have no firm view on this curve - please see important asides below though