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FINANCIALS: Generali T2 FV (EUR B’mark 10.25Y Fixed; Baa2/NR/BBB+)

FINANCIALS
  • IPT given at MS+210bps
  • We see FV around MS+175bps
  • Longest EUR T2 bond in the comp space while the curve looks tight for the rating
  • ASSGEN issued T2 twice in 2023; in April a EUR 500mn 10yr that tightened 45bps to price at MS+240bps with a negative NIC and cover of 6.8x and in Sept a EUR 500mn 10yr that tightened 40bps to price at MS+210bps with a negative NIC and a cover of 2.2x.

 

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  • IPT given at MS+210bps
  • We see FV around MS+175bps
  • Longest EUR T2 bond in the comp space while the curve looks tight for the rating
  • ASSGEN issued T2 twice in 2023; in April a EUR 500mn 10yr that tightened 45bps to price at MS+240bps with a negative NIC and cover of 6.8x and in Sept a EUR 500mn 10yr that tightened 40bps to price at MS+210bps with a negative NIC and a cover of 2.2x.