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Saint-Gobain (BBB+/Baa1): New Issue FV Analysis

BASIC INDUSTRIES

• IPT: Green EUR Benchmark 6Y Fixed MS+115 Area.

• IPT: Green EUR Benchmark 10Y Fixed MS+135 Area.

• We see 6Y FV at MS+ high 70s, given 3.875 11/30 at Z+86.

• We see 10Y FV at MS+ high 90s, 5-10bp inside the CRHID curve.

• Secondary spreads have moved 3-5 wider this morning.

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