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Omnicom Fair Value

CREDIT SUPPLY


  • We see FV at MS+70-75bps – noting Omnicom EUR 31s trading at cash price of EUR 87
  • Supply comes in the wake of their USD 835mn purchase of Flywheel Digital announced in October, as the issuer follow’s in Publicis footsteps on tech/data investment.
  • Omnicom’s 31s traded with a g-spread wider than the Publicis 31s as recently as mid-September but have outperformed by ~15bps since then. Omnicom’s 31s ~4bps wider vs. govies on the day.



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