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CREDIT UPDATE: Eesti Energia 7.875 Perp Secondary Trading

CREDIT UPDATE
  • ESTONE 7.875 Perp  we see quotes of 101.05/101.30 = 7.63%/7.57%
  • Came at 8% and has rallied >1.5pts
  • We thought FV was EDF +150bps so around 7.15%
  • EDF 3.375 PerpCall30 is higher by another 25c since we ran FV.
  • The bond should still have room to rally from here (all else equal)

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