April 30, 2024 08:00 GMT
Iliad FV
CREDIT SUPPLY
- HoldCo EUR 500mn 7NC3 deal (B2/B+/BB-) with IPT of 7-7.25% comes after the OpCo supply last week.
- We see FV around 6.7%a. This puts the supply at similar yield levels to the lower rated ZIGGO 3.375% 2030s (B3/B-/B-) and VMED 3.75% 2030s (B2/B-/B) though we note low cash prices on these lines of EUR 84/85.
55 words