September 26, 2024 08:15 GMT
CREDIT SUPPLY: Altarea (ALTAFP: BBB- neg): Fair Value +295-300
CREDIT SUPPLY
- IPT: €300m WNG 7yr ms+340-350
- ALTAFP 1.75% 30 trade z+272
- NEPSJ curve is 6% steep for 2yrs
- Generic BBB- curve is also 6% steep for 2yrs
- 272 *1.06 = ms+288 + small issue discount to back it up a little
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