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CREDIT SUPPLY: Snam (SRGIM: Baa2 / BBB+): Inaugural Hybrid 4.75/4.80% FV

CREDIT SUPPLY

Terna and Enel are two Italian Utilities which issue Hybrids so will be the obvious comps (even if neither are in the Gas distribution sector).

  • ENEL Sub_Snr +131
  • TRNIM Sub_Snr +125
  • VIEFP Sub_Snr +137 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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