September 10, 2024 08:48 GMT
CREDIT SUPPLY: EDF (Hyb: Ba2/B+ pos/ BBB-): GBP FV
CREDIT SUPPLY
- EDF NC11 GBP IPT 7.75%
- Senior EDF curve is UKT +170
- Sub_Sen +210
- With Gilts @ 3.90%
- That would give me 7.70%
- The IPT looks aggressive but GBP has its own idiosyncrasies and I assume major investors have given their feedback.
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