April 23, 2024 09:27 GMT
Sydney Airport (SYDAU; Baa1, BBB+; S)
TRANSPORTATION
IPT coming in-line - could be double digit NIC on 12Y
€500m 8Y FV +110 vs. IPT +145a
€500m 12Y FV +130 vs. IPT +175
* 8Y 8bps above slightly higher rated and lower cash price Heathrow 32s.
* Close comp's don't have much out in the 12Y - shipping co Maersk arguably more cyclical (evidence by more ratings vol historically) but does seem to trade in line to tighter vs. it on shorter lines. We don't fight that for now & floor the new issue to it, FV at +130 vs. Maersk 36s at +126.
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