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CREDIT SUPPLY: Voestalpine (VOEAV NR): New Issue FV

CREDIT SUPPLY
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  • IPT: EU500m WNG 5Y Green MS+175 Area.
  • Voestalpine has higher leverage than Arcelor (Baa3/BBB-) and is significantly smaller in size. We can’t assume this would be IG rated and will likely trade with an unrated discount regardless.
  • VOEAV 26s trade ~35bp wide to MNTA, with some underperformance since the mandate was announced. 20-30bp discount seems appropriate. MTNA only has € bonds out to 2026 but using an assumed curve shape we see FV around MS+165a.
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  • IPT: EU500m WNG 5Y Green MS+175 Area.
  • Voestalpine has higher leverage than Arcelor (Baa3/BBB-) and is significantly smaller in size. We can’t assume this would be IG rated and will likely trade with an unrated discount regardless.
  • VOEAV 26s trade ~35bp wide to MNTA, with some underperformance since the mandate was announced. 20-30bp discount seems appropriate. MTNA only has € bonds out to 2026 but using an assumed curve shape we see FV around MS+165a.