September 11, 2024 07:43 GMT
CREDIT SUPPLY: Akzo Nobel (AKZANA Baa2/BBB/NR): New Issue FV
CREDIT SUPPLY
- IPT: Akzo Nobel EU500m WNG 10Y MS+175 Area.
- We see FV at MS+125a.
- It last issued in May 23 with a 10Y at MS+110, 15bp inside IPT with 1.5x book cover.
- Most of its bonds are €500mn size, with the largest €750mn.
Spreads vs peers are around the middle of the range; it tends to trade close to Arkema (AKEFP Baa1/BBB+[P]/NR) despite the one notch differential.
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