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BP FV (EUR Benchmark 7Y, GBP Benchmark 12Y; A1/A-/A+)

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  • EUR IPT given at MS+130bps; we see FV around MS+95bps (first chart).
  • GBP IPT given at UKT+120bps, we see FV around MS+132bps or UKT+ 95bps (second chart).
  • BP last came to market in May 2023 in a EUR 750mn/750mn 7yr/12yr deal that tightened 22.5bp/15bp to price at MS +80bps/130bps with covers of 1.60x/1.47x.



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