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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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  • 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+