January 28, 2025 15:00 GMT
FINANCIALS: BylanLB - New Issue - € B'mark 7.5Y Sr Non-Pref - fv
FINANCIALS
BylanLB - New Issue - € B'mark 7.5Y Sr Non-Pref
- IPT: MS+145
- FV: MS+112 - We look at the two relatively recently issued BYLAN Sr Non-Prefs. The BYLAN 3.75 was issued in May 24, and the BYLAN 3.39 issued in Nov 24. CMZB and LBBW curved included just added for context. Additionally, in the market rally since Dec both LBBW and CMZB have reduces their spread gap to BYLAN by 15bps (BYLAN 3.75 vs LBBW 0.375) and 30bps (BYLAN 3.39 vs CMZB 3.875) respectively - so this compression may form a relatively attractive entry point to this higher quality name.
- Exp. Ratings: A1/A
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