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CREDIT SUPPLY: Digital Dutch Finco (DLR: Baa2/BBB/BBB): €BMK 9yr

CREDIT SUPPLY
  • IPT: €BMK 9yr ms+180-185
  • FV: We see ms+155
  • DLR's curve consists of low coupon paper issued up to Jan-22.
  • If we look at the 10bps of curve between EQIX 1% and EQIX 3.65% that should be a good guide for low coupon vs current coupon paper.
  • Based on old secondaries FV would be +145 and then add on 10bps
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  • IPT: €BMK 9yr ms+180-185
  • FV: We see ms+155
  • DLR's curve consists of low coupon paper issued up to Jan-22.
  • If we look at the 10bps of curve between EQIX 1% and EQIX 3.65% that should be a good guide for low coupon vs current coupon paper.
  • Based on old secondaries FV would be +145 and then add on 10bps