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CREDIT SUPPLY: SNAM (SRGIM: Ba1 h/ BBB- h/ BBB- h): Inaugural PerpNC5.25

CREDIT SUPPLY
  • Analysis is basically unchanged from yesterday with 4.75/4.80% seen as FV.
  • Terna and Enel are two Italian Utilities which issue Hybrids so will be the obvious comps. The senior Snam curve sits at the wider end of the group so Perps should also.
  • ENEL Sub_Snr +133
  • TRNIM Sub_Snr +125
  • VIEFP Sub_Snr +139 for Jan 29
  • IBESM Sub_Snr +134
  • SRGIM Nov 4% 29s z+90
  • Sub_Snr +135 FV
  • Given 5yr EUSA5 at 2.50%
  • We would see 4.75%/4.80% as Fair for the new issue

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