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Saipem Finance Intl FV (Exp. EU500m 6Y; Ba2/BB+)

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  • IPT given at Low 5%s with guidance at 5%; we see FV around Z+140 which translates into yield around 4.25% so IPT and guidance both look quite wide to us.




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  • IPT given at Low 5%s with guidance at 5%; we see FV around Z+140 which translates into yield around 4.25% so IPT and guidance both look quite wide to us.