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TRANSPORTATION: Lufthansa; still interested in Air Portugal (TAP; Ba3/BB-)

TRANSPORTATION

(LHAGR: Baa3/BBB-/BBB-; Stable)

  • "LUFTHANSA CEO SAYS PORTUGAL HASN'T DECIDED TAP SALE DETAILS
  • LUFTHANSA CEO SAYS STILL INTERESTED IN PORTUGAL'S TAP"-bbg
     
  • IAG (~eff. Baa2 risk post-tender) is likely seen as the lead contender by markets.
  • Size Portuguese gov. will offload is unclear, past rumours have included a majority stake. Receives +1 uplift at S&P only.
  • New 29s -75bps since pricing in Nov, +12 this morning. No firm view here but near term catalyst look skewed net positive (unch view from primary).
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(LHAGR: Baa3/BBB-/BBB-; Stable)

  • "LUFTHANSA CEO SAYS PORTUGAL HASN'T DECIDED TAP SALE DETAILS
  • LUFTHANSA CEO SAYS STILL INTERESTED IN PORTUGAL'S TAP"-bbg
     
  • IAG (~eff. Baa2 risk post-tender) is likely seen as the lead contender by markets.
  • Size Portuguese gov. will offload is unclear, past rumours have included a majority stake. Receives +1 uplift at S&P only.
  • New 29s -75bps since pricing in Nov, +12 this morning. No firm view here but near term catalyst look skewed net positive (unch view from primary).