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CREDIT SUPPLY: UPM-Kymmene (UPMFH Baa1/BBB+[P]/NR): New Issue FV

CREDIT SUPPLY
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  • IPT: Exp. EU500m 10Y Green MS+140 Area.
  • We see FV at MS+95a assuming 4bp / year for curve extension.
  • UPMFH bonds are at the tight end of high triple B industrials (chart). As an infrequent issuer with mostly 500mn deals (28s 750mn) we assume secondary is quite technical and expect a reasonable NIC on this.
  • UPM last issued the 29s in 2022 at MS+88. All the euro bonds outstanding are green format.
  • Secondary spreads are 2-3 wider so far.
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  • IPT: Exp. EU500m 10Y Green MS+140 Area.
  • We see FV at MS+95a assuming 4bp / year for curve extension.
  • UPMFH bonds are at the tight end of high triple B industrials (chart). As an infrequent issuer with mostly 500mn deals (28s 750mn) we assume secondary is quite technical and expect a reasonable NIC on this.
  • UPM last issued the 29s in 2022 at MS+88. All the euro bonds outstanding are green format.
  • Secondary spreads are 2-3 wider so far.