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EDP (EDPPL: Ba1/BB+/BB+ Hybrid): €BMK 30NC6.5

CREDIT SUPPLY
  • IPT: 5.25%a
  • FV: 4.70-4.75%
  • Last deal: EDP issued €750 30NC6 in May with yield 4.875% (4.75% coupon) and i+205.2 spread. UOP was to refinance the EDPPL 1.7% Call25
  • Curent levels: EDPPL 4.75 Call30 indicated 100.50 bid-side 4.64% YTC z+225 Sub_Sen +131bps
  • Sub_Senior spreads for Util Perps:
  • ENELIM Sub-Sen 150-155
  • SRGIM Sub-Sen +121
  • ENGIFP Sub-Sen +124
  • TRNIM Sub-Sen +137
  • IBESM Sub-Sen +147
  • New issue FV calculation:
  • Senior: EDPPL 3.5 30 z+92; EDPPL 4.375 32 z+100 - Interpolated z+96
  • Sen-Sub +135
  • EUSA6.5 2.40%
  • gives yield of 4.71%

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