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COMMUNICATIONS: British Telecom (BRITEL: Baa2/BBB/BBB): 7yr FV

COMMUNICATIONS
  • IPT: €BMK 7yr ms+130-135
  • FV: We see ms+95
  • BRITEL 3.375 32 has widened +3bps on the announcement to z+96
  • Should trade just inside TELEFO but there are some technicalities in that curve.
  • The BT curve is well-defined with no anomalies. See Graph.
BRITEL_FV
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  • IPT: €BMK 7yr ms+130-135
  • FV: We see ms+95
  • BRITEL 3.375 32 has widened +3bps on the announcement to z+96
  • Should trade just inside TELEFO but there are some technicalities in that curve.
  • The BT curve is well-defined with no anomalies. See Graph.
BRITEL_FV