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CREDIT SUPPLY: DWR Cymru (A3/A-/A): New Issue FV

CREDIT SUPPLY
  • GBP Benchmark 20Y Sust. Fixed UKT+155-160.
  • We see FV at Z+190 / UKT+125a.
  • Our FV is slightly inside the UU curve (A3/BBB+/A-).
  • Recent £ water deals have come at a discount following the Thames Water situation.

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