April 23, 2024 11:41 GMT
GACM Two-Part Issue: Some NIC Reassertion
FINANCIALS
GACM Debt Offering in 2 Parts – some NIC reassertion
- 5Y EUR500m senior unsecured at MS+90bp
- IPT was MS+110bp, we see FV at MS+80-85bp, so a small NIC
- Books are above EUR1.2bn, so 2.4x covered.
- IPT was MS+110bp, we see FV at MS+80-85bp, so a small NIC
- Tier 2 EUR benchmark 20.5NC10.5 at MS+225bp
- IPT was MS+250bp, we see FV at 200-210bp so a better NIC evident, we feel.
- Books are above EUR1.8bn.
- IPT was MS+250bp, we see FV at 200-210bp so a better NIC evident, we feel.
- Combined books had been seen at EUR2bn earlier.
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