April 23, 2024 10:30 GMT
GACM 5Y Sr Unsecured Issue: We See FV At MS+80-85bp
FINANCIALS
GACM is issuing a 5Y senior unsecured with IPT at MS+110a. We see fair value at MS+80-85bp.
- We’ve two weaker-rated comparators (ING and KBC at Baa1 vs. this issue at A3) and Bruxelles Lambert two notches better-rated (at A1) which provides quite a narrow range for a view on fair value, we feel.
- There are a range of low coupon/price older issues on both of the former curves which we’ve excluded so see fair value coming at MS+80-85bp area (see graphic). This puts it 10bp tight of the close KBC issue and 15bp wide of the (two notch better-rated) Bruxelles Lambert issue.
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