Free Trial

Stryker (SYK: Baa1 pos / BBB+): New Issue FV 8yr & 12yr

CREDIT SUPPLY
  • IPT: 8yr €BMK ms+130a
  • IPT: 12yr €BMK ms+155a
  • FV 8yr ms+90
  • FV 12yr ms+115
  • MDT curve is about 25bps for 8yr->12yr extension so this is appropriate for the IPTs for Stryker.
  • Stryker looks well placed to achieve a return to Single-A within a couple of years. The suspension of share buybacks since 2019 underlines their commitment to improving the rating.
  • UOP: Refi 2024 notes and GCP

Source: MNI, Bloomberg

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.