May 20, 2024 14:31 GMT
Bouygues (A3/A-): Steep Curve
BASIC INDUSTRIES
• ENFP trades tighter than SGOFP at the front end / belly.
• The picture is different at the long end with ENFP spreads looking flat-to-wide to SGOFP, on a steeper looking curve.
• ENFP 4.625 32 and ENFP 5.375 42 screen cheapest on the curve.
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