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COMMUNICATIONS: Comcast EUR FVs (EUR B’Mark 8Y/12Y; A3/A-/A-)

COMMUNICATIONS
  • IPT given at MS+125bps and MS+145bps.
  • Not much in the way of good EUR comps.
  • We see FV around MS+80 and MS+100-105 which makes the IPTs look slightly wide.
  • Noting the low cash price of EUR 85 on the CMCSA 32s and the very low cash price of EUR 76 on the CMCSA 40s.
  • Our FVs are hence more consistent with the shape of the USD curve than the EUR one.
  • Will send thought on GBP line separately.

 

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  • IPT given at MS+125bps and MS+145bps.
  • Not much in the way of good EUR comps.
  • We see FV around MS+80 and MS+100-105 which makes the IPTs look slightly wide.
  • Noting the low cash price of EUR 85 on the CMCSA 32s and the very low cash price of EUR 76 on the CMCSA 40s.
  • Our FVs are hence more consistent with the shape of the USD curve than the EUR one.
  • Will send thought on GBP line separately.