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Stellantis (Baa1/BBB+): New Issue FV Analysis

CONSUMER CYCLICALS
  • IPT EUR Benchmark 6.5Y Fixed MS+130-135, EU500m WNG 12Y Green Fixed MS+170-175.
  • Longest outstanding STLA maturity is long 10Y. The VW curve gives a reasonable comp for longer dates.
  • No sign of a meaningful greenium on the existing SLTA 4.375 30 Green.
  • We see FV at MS+105a, 130a.
  • STLA bonds have rallied ~25bp YTD.

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