November 12, 2024 09:41 GMT
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.
63 words