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Elia (BBB-): New Issue FV Analysis

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  • IPT: Elia Group Exp. EU500m 7Y MS+150 Area.
  • Sparse ELIASO outstanding debt to work with here; €300mn 28s in line with opco ELIATB (NR/BBB+/NR) curve makes little sense.
  • We see FV at MS+110 area, ~20bp wide to ELIATB.

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  • IPT: Elia Group Exp. EU500m 7Y MS+150 Area.
  • Sparse ELIASO outstanding debt to work with here; €300mn 28s in line with opco ELIATB (NR/BBB+/NR) curve makes little sense.
  • We see FV at MS+110 area, ~20bp wide to ELIATB.