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CREDIT SUPPLY: Veolia (Baa1/BBB/NR): New Issue FV

CREDIT SUPPLY
  • Exp. EU500m 10Y Fixed MS+135 Area.
  • We see FV at MS+110a.
  • While the secondary curve would imply closer to 95a, the outstanding bonds are low coupon CSPP vintage. We 10-20bp discounts for new issues on such curves, see EOANGR on the chart for example.
  • Secondary is up to 4bp wider so far.
     

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