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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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  • 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