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Renault (Baa1/BBB-): New Issue FV Analysis

CREDIT SUPPLY
  • IPT: EUR Benchmark 3.5Y Fixed MS+130 Area.
  • IPT: EUR Benchmark 7Y Fixed MS+180 Area.
  • The RENAUL secondary curve extends only to long 5Y; VW Bank has longer maturities and trades broadly in line with RCI Banque.
  • We see FV at MS+95a, MS+140a.
  • Note that RENAUL secondary has widened 3-6bp this morning post announcement.

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