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CREDIT SUPPLY: Harbour Energy’s New Lines Tighten 5bp Vs. Reoffer Spread To B’ma

CREDIT SUPPLY

• HBRLN’s new 5yr/8yr bonds look set to close ~5 tighter while the existing 4yr/7yr lines look set to close ~5bp wider against their respective benchmarks.
• They 5yr/8yr lines came yesterday in sizes of EUR 700mn/900mn at MS+155bps/200bps having both tightened by 25bps with covers of 2x/1.8x and both with NICs of 13bp vs. our FVs.

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• HBRLN’s new 5yr/8yr bonds look set to close ~5 tighter while the existing 4yr/7yr lines look set to close ~5bp wider against their respective benchmarks.
• They 5yr/8yr lines came yesterday in sizes of EUR 700mn/900mn at MS+155bps/200bps having both tightened by 25bps with covers of 2x/1.8x and both with NICs of 13bp vs. our FVs.