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CREDIT SUPPLY: P3 Group (PTHREE: BBB S&P): New issue FV

CREDIT SUPPLY
  • IPT: EU500m WNG 7.6Y Green MS+215-220
  • FV: ms+187
  • PTHREE 4.625 30 z+162. Came at ms+207 in Feb '24
  • Curve should be +25bps for 2.5yr extension
  • The curve trades wide to CTPNV (Baa3/BBB-) but inside VGPNV (BBB-)

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