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  • IPT: €300m 5NC2 6.75%-7%
  • OAS Eff Dur = 4yrs z+452 @ 6.75%
  • FV 6.25% given the size and structural subordination.
  • In terms of business, VGPBB and CTPNV are the best comps even if larger (though not much in the case of VGPBB) and listed in Western Europe. In all three cases, the assets are focused on the better developed parts of CEE.
  • The deal in question is small and effectively an inaugural issue.
  • Even at 6.25% the bonds would still have a >200bps discount to BBB- rated VGPBB.
  • Would love to hear thoughts on this one.

Source: MNI, Bloomberg

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  • IPT: €300m 5NC2 6.75%-7%
  • OAS Eff Dur = 4yrs z+452 @ 6.75%
  • FV 6.25% given the size and structural subordination.
  • In terms of business, VGPBB and CTPNV are the best comps even if larger (though not much in the case of VGPBB) and listed in Western Europe. In all three cases, the assets are focused on the better developed parts of CEE.
  • The deal in question is small and effectively an inaugural issue.
  • Even at 6.25% the bonds would still have a >200bps discount to BBB- rated VGPBB.
  • Would love to hear thoughts on this one.

Source: MNI, Bloomberg