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TenneT(A3/A-): Hybrid New Issue FV Analysis

UTILITIES
  • IPT: Exp. EU500m PerpNC5.25 Variable 5.25% Area.
  • IPT: Exp. EU500m PerpNC8 Variable 5.5%-5.625%.
  • We see FV at 5%a, 5.125-5.25%.
  • Using comps, Z+230 / Z+255 seems logical.

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