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Brenntag: Mixed New Issue Performance

BASIC INDUSTRIES

• Reviewing Brenntag’s dual tranche from yesterday, the 28s are trading 4-5bp inside reoffer while the 32s are 2bp wider.

• Books were marginally better for the 32s; 4.4x vs 4.2x for the 28s.

• We saw a higher NIP for the 32s (c.15bp) than the 28s (c.10bp).

• Leaves the 32s screening 10+bp cheap to the curve still with the 28s only marginally cheap.

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