May 22, 2024 09:51 GMT
Swisscom FV (A1/A)
CREDIT SUPPLY
- IPT and FV’s as per the below; 20y is obviously tricky given the dearth of decent comps in this segment.
- We note recent multi-tranche deals such as J&J which offered up 3.5bp/year between their recent 12yr and 20yr lines while Merck offered up 3.6bp per year between 13yr and 20yr lines. Our FV’s below imply 3.7bp per year between the 12.5yr and the 20yr.
Tenor |
IPT
FV
2
60
30-35
4.25
80
55-60
7.5
105
80-85
12.5
125
100-105
20
160
130a
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