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FINAL TERMS: Elis EUR 400mn 6Y MS+125 vs. IPT MS+170a (Books above EUR 3.2bn)

CONSUMER CYCLICALS
  • 5bps to our FV but within range. Its curve is still 2-6bps wider today - as mentioned we do think its strange ISS trades wider than Elis - some of that is reversing today in the 27's - but both curves screen value vs broader sectors.
  • Uncertain if Moody's will come with a upgrade in the process of rating the new bond.

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