September 05, 2024 08:53 GMT
ELM BV (Julius Baer Group) FV (EUR 500mn WNG 5Y)
CREDIT SUPPLY
- IPT given at MS+150bps; we see FV around MS+115-120bps which puts it around 5-10bps wide of the UBS curves which we see as broadly consistent with the typical rating delta for fins in this space.
- Inaugural EUR senior for Baer so not much of a curve to go off or a name that we have written much about in the past.
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