August 21, 2024 08:52 GMT
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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