May 21, 2024 08:11 GMT
EDPPL: Hybrid FV
CREDIT SUPPLY
Energias de Portugal (EDPPL Sub: Ba1 : BB+ / BB+): Hybrid FV
IPT: 5.375%
- We see FV 4.875%
- which puts it +9bps wide to the EDPPL 1.875 Call 29 in yield-to-call.
- The Reset coupon would be EUSA5 +204 which is in line with the Reset on the NC29 (EUSA5 +208)
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