September 26, 2024 09:28 GMT
CREDIT SUPPLY: Apicil (APCLPR: Sub Baa2): Tier 2 Fair value 5.60%
CREDIT SUPPLY
- IPT: <BMK size €250m WNG T2 5.875%
- We see FV 5.60%
- APCLPR 4% 29 trade z+276
- 5.875% is z+348
- Comparing curves for ATHORA, ASSGEN and ACAFP (to mark wides and tights for the sector) gives a curve of 9bps per year.
- FV comes out at z+321 or 5.60%
- UOP: Partial tender of 2025 notes
48 words