November 19, 2024 08:41 GMT
FINANCIALS: Helaba - New Issue - € B'mark 6Y SNP - FV
FINANCIALS
- We see FV at MS+115
- BYLAN 3.75% 2031 will be the key comp, we feel, we have added 5bps as an estimate of how far the non-green issues should trade outside the existing green issues.
- We have overlayed the MS curve as a well-defined, similarly rated, liquid comp
- Expected ratings A1/NR/A+
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