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Otto (OTTOGR; unrated) 4.3Y SLB IPT (owned by the Otto's)

CONSUMER CYCLICALS

MIN. €250 4.3Y SLB IPT 6%a (eqv. MS+313), coming well wide but unrated & a lot of moving parts in this co

  • Note sure why IPT is coming in yield.* €300m original 26s that have been tendered down trade at Z+70.
  • We see it 3.7x net and 4.5x gross against reported EBITDA & on its "cash EBITDA" (adj.) it reports net 2.0x/gross 2.5x.
  • This is a 1k denominations (german co) bond, FV to follow.

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