May 14, 2024 07:49 GMT
Verbund (A3/A+): New Issue FV Analysis
CREDIT SUPPLY
• IPT: VERBUND €500M WNG 7Y GREEN MS+95-100
• We see FV at +62a.
• VERAV 0.9 41 is the only outstanding benchmark and trades slightly inside RTEFRA (A).
• We see FV close to STATK (A/A-).
• We expect this bond to price aggressively given scarcity and green format. The 41 was a long-dated deal with limited name recognition, Verbund’s curve may now benefit from having another bond on it.
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