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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
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  • 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