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Solvay (BBB-): New Issue FV Analysis

BASIC INDUSTRIES

• IPT: EUR Benchmark 4Y Fixed MS+155 Area.

• IPT: EUR Benchmark 7.5Y Fixed MS+205 Area.

• We put FV inside the CE (BBB- neg outlook ) curve by 10-20bp. There are not many comps in chemicals but that would put SOLBBB wide to ABESM and slightly inside ATOSTR and VTRS for example.

• We see FV at MS+100a, MS+140a, with a wider confidence interval than normal due to lack of comps. We expect a reasonable NIP at final pricing on this one.

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