May 23, 2024 09:27 GMT
Hochtief (BBB-): New Issue FV Analysis
CREDIT SUPPLY
- *IPT: HOCHTIEF EXP. €500M 6Y MS+180 AREA.
- We see FV at MS+120-125a.
- While HOTGR secondary trades in line with the likes of STERV (Baa3/NR/BBB-), bonds are low coupon, €500mn deals issued in the last cycle. We see a 10-15bp discount as reasonable, which would put this close to recently issued SOLBBB curve (BBB-).
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