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CREDIT SUPPLY: Glaxo (GSK: A2/A): New Issue FV

CREDIT SUPPLY
  • IPT: Exp €500m 7yr ms+105a
  • We see FV +75
  • IPT: Exp €500m 12yr ms+130a
  • We see FV +100
  • GSK curve is 2bps wider on the news
  • To get >10yr comps we are using ROSW and LLY with TMO added - not a Pharma but has a long curve and similar rating
  • TMO 2.875 37 trades rich but was issued in 2017 and we suspect is largely held by Insurers.
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  • IPT: Exp €500m 7yr ms+105a
  • We see FV +75
  • IPT: Exp €500m 12yr ms+130a
  • We see FV +100
  • GSK curve is 2bps wider on the news
  • To get >10yr comps we are using ROSW and LLY with TMO added - not a Pharma but has a long curve and similar rating
  • TMO 2.875 37 trades rich but was issued in 2017 and we suspect is largely held by Insurers.