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New ALD EUR 3Y; see FV MS+100-105

CONSUMER CYCLICALS


  • IPT MS+125-130.
  • Smoothed curve would imply 95-100, but FV is constrained by the 4.375% 11/26 at Z+101.
  • ALD make a swift return to the primary market having issued a dual tranche 4Y/7Y in January. Those issues are ~29 and ~22bp tighter than reoffer vs bunds, among the best performing new issues in January. For reference, those deals tightened 20/25bp from IPT to final with books at 1.7x/2.4x.

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