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Solvay (BBB-): New Issue Performing

BASIC INDUSTRIES

• 28s and 31s quoted -7/-5 bid vs reoffer.

• Currently trading at Z+109 / Z+161.

• We had FV at MS+100a / 140a.

• We see further upside from here with SOLBBB trading flat to CE and wide to the likes of ATOSTR.

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