May 23, 2024 09:01 GMT
Enexis (Aa3/AA-): New Issue FV Analysis
CREDIT SUPPLY
- *IPT: ENEXIS €500M WNG 12Y MS+105/110.
- We see FV at MS+75a.
- The Enexis secondary term structure looks unusual with a downward sloping z curve. All €500mn deals, with the most recent 34s presumably most liquid. Therefore we peg FV flat to SIEGR (Aa3/AA-/A+).
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