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Aptiv (APTV Baa2/BBB/BBB): New Issue FV Analysis

CREDIT SUPPLY
  • IPT: Aptiv €Benchmark 12Y MS+175 Area.
  • Aptiv has just 25s and 28s (issued in 2015/16) outstanding in €.
  • APTV 28s trade in line with the STLA (Baa1/BBB+/BBB+) curve, despite the rating differential. In $ APTV trades through STLA.
  • We see FV at MS+128a.

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