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CREDIT SUPPLY: Anglian Water (A3/A-/A-): New Issue FV

CREDIT SUPPLY
  • GBP Benchmark 20Y Green Sr Sec Fixed UKT+200 Area.
  • We see FV at MS+237 / UKT+170a.
  • GLCCUK earlier this week tightened 20bp from IPT, priced ~13bp cheap to our FV.
  • AWLN spreads widened ~5bp yesterday on the mandate announcement. Long end spreads are another 6-10 wider this morning. We would expect a double digit NIC again on this one.

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