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DSV (DSVDC; A3/A-; S) Final

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FINAL: €500m 5Y+80 vs. FV +65, 15bp NIC

  • Poor pricing here and relative to the two other IG deals today (El Corte & Legrand), books weak at >€1.85b.
  • Again we had no firm view on this name noting earnings are on decline from cyclical peak but has firm history on BS & capital allocation policy.
  • We don't see secondaries in comp's moving wider, DSV +1-2bps today, so this looks to be a genuine (& sizeable for A-grade) NIC.
  • UoP was GCP including refi, it has a €200m line rolling off in Sept and outside that maturity profile clean out to '26.

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