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CREDIT SUPPLY: Paccar (PCAR A1/A+/NR): New Issue FV

CREDIT SUPPLY
  • IPT: EU300m WNG 3Y MS+85-90.
  • We see FV at MS+55a, extrapolating from the 26s at around 8bps / year.
  • It trades wide for the rating, close to DTRGR (A3/A-/NR) and VLVY (A2/A/NR) with the usual reverse Yankee and CSSP (DTRGR) effects evident.

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