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Fraport (FRAGR; unrated) FINAL

TRANSPORTATION

€650m 8Y Final +155 vs. FV+155, no NIC


  • Books >€1.7b & -30 in from IPT are in-line metrics (for rated issuers though).
  • Upsized from exp. €500m but no net supply still given €650m July 24s rolling off.
  • Fraport with no rating, 6 turn higher leverage & 1yr longer tenor has still managed to price 50bps inside PostNL today.

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