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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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