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CREDIT SUPPLY: Iberdrola (IBESM Baa1/BBB+/A-): New Issue FV

CREDIT SUPPLY
  • EUR Benchmark 3.5Y Fixed MS+85 Area, EUR Benchmark 7Y Fixed MS+110-115, EUR Benchmark 11Y Fixed MS+135 Area.
  • We see FV at MS+50a, MS+72a, MS+100a.
  • Iberdrola last issued a €750mn 10Y in July which priced on the curve.
  • IBESM generally trades at the tight end of high triple B utilities. Spreads 1-3 wider so far.
  • UOP is financing ENW stake and GCP. Unusually vs recent history, these bonds are not in green format.

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  • EUR Benchmark 3.5Y Fixed MS+85 Area, EUR Benchmark 7Y Fixed MS+110-115, EUR Benchmark 11Y Fixed MS+135 Area.
  • We see FV at MS+50a, MS+72a, MS+100a.
  • Iberdrola last issued a €750mn 10Y in July which priced on the curve.
  • IBESM generally trades at the tight end of high triple B utilities. Spreads 1-3 wider so far.
  • UOP is financing ENW stake and GCP. Unusually vs recent history, these bonds are not in green format.