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Becton Dickinson (BDX: Baa2 / BBB): New Issue FV

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8yr IPT: MS+135a; FV +95

12yr IPT MS+155a; FV +115

UOP: Yesterday’s announced acquisition of Edward Lifesciences Care Unit of which $3.2bn will be financed with debt.

Medtronic issued a 12.25yr last week @ MS+95 which now trades +87. Becton ought to trade about +18 to this which would put 12yr at MS+105 but given that this is acquisition related i.e. has to get done and that investors were able to buy MDT at +95 they will probably want MDT New Issue +20 which would be MS+115.

8-12 yr curve of 5bps/yr would put the 8yr at MS+95

BDX 1.213 36 has sold off in anticipation already to MS+103.

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