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CREDIT SUPPLY: Total Energies (TTEFP: A3 pos/ A- /Au): New Perps FV

CREDIT SUPPLY
  • Expect €1bn+ per tranche with total size possibly €2.5bn
  • NC5.25 IPT 4.625-4.75%
  • NC5.25 FV ms+200 = 4.25%
  • NC10 IPT 5.125%a
  • NC10 FV ms+225 = 4.55%
  • Back-end on the TTEFP 3.25% Call37 is ms+294.3; on the 2.125% Call33 is ms+251.3. The new 10yr has to offer some discount due to a low back-end
  • Step on the 2% is ms+240 but given how steep the curve is to the 1.625% which has a low step of ms+199, the new issue FV is on the curve.

Source: MNI/Bloomberg

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  • Expect €1bn+ per tranche with total size possibly €2.5bn
  • NC5.25 IPT 4.625-4.75%
  • NC5.25 FV ms+200 = 4.25%
  • NC10 IPT 5.125%a
  • NC10 FV ms+225 = 4.55%
  • Back-end on the TTEFP 3.25% Call37 is ms+294.3; on the 2.125% Call33 is ms+251.3. The new 10yr has to offer some discount due to a low back-end
  • Step on the 2% is ms+240 but given how steep the curve is to the 1.625% which has a low step of ms+199, the new issue FV is on the curve.

Source: MNI/Bloomberg