May 22, 2024 09:30 GMT
Redexis (BBB-): New Issue FV Analysis
CREDIT SUPPLY
- *IPT: REDEXIS €350M WNG 7Y MS+210/220.
- We see FV at MS+170-175.
- REDEXS has 25s and 27s outstanding. The 27s were issued in 2015 and are likely illiquid. The main comp is fellow private Spanish gas co NorteGas (also BBB-). We put FV in line to slightly tight to NATUEN.
- No view on the fundamentals here.
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