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Autostrade (Baa3/BBB-): Secondary Tighter

TRANSPORTATION
  • ATOSTR bringing new issues today with long 8Y through theoretical FV, books 9.8x on that tranche.
  • Secondary bonds are indicated 1-3 tighter on the day.
  • Highlights demand for yield in the market and lack of secondary offers at present. We have seen several instances recently of issuers printing at seemingly aggressively levels, with secondary repricing tighter on the apparently tighter clearing level for risk.

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