Becton Dickinson (BDX: Baa2 / BBB/ BBB): ASW Curves

BDX will issue $3.2bn of new debt. It has issued in both EUR and USD in February.

• Graph attached shows the levels of XCCY USD Equivalent Asset Swap.
• The two curves are broadly similar with EUR BDX 1.213 36 perhaps a little rich.
• Basically, we would expect BDX to be fairly neutral about the currency of issuance.
• Neither particularly stands out but, yes, we could see some EUR

• 	Currency	Years	asw usd
  BDX 0.334 28	EURO	4.19	88.7
  BDX 3.553 29	EURO	5.27	104.8
  BDX 1.213 36	EURO	11.69	109.2
  BDX 1.336 41	EURO	17.19	128.5
  BDX 4.874 29	USD	4.68	85.6
  BDX 4.298 32	USD	8.22	114.3
  BDX 5.11 34	USD	9.68	125.6
  BDX 4.685 44	USD	20.53	137.8

  
  
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