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CREDIT SUPPLY: ERG (ERGIM NR/BBB-/NR): New Issue FV Analysis

CREDIT SUPPLY
  • IPT: ERG EU500m WNG 6Y Green MS+175 Area.
  • We see FV at MS+135a.
  • ERGIM 31s trade around 80 px, hence we discount for that somewhat. TVOYFH (Baa3/BBB-/BBB-) has recently issued bonds and is a reasonable comp for curve shape, we would put ERGIM slightly inside that.

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