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Verizon Fair Value

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  • We had seen FV on the Verizon 8y and 12y at around MS+100bps and MS+115bps so don’t see much scope for further tightening. Noting low cash prices on the Verizon curve.
  • Books slightly tilted towards the 12y (EUR 4.5bn) vs. the 8Y (EUR) 4.2bn.
  • Verizon EUR spreads twist-steepening with the tendered lines 14-19bps tighter while the rest of the curve is mostly 3-4bps wider.

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  • We had seen FV on the Verizon 8y and 12y at around MS+100bps and MS+115bps so don’t see much scope for further tightening. Noting low cash prices on the Verizon curve.
  • Books slightly tilted towards the 12y (EUR 4.5bn) vs. the 8Y (EUR) 4.2bn.
  • Verizon EUR spreads twist-steepening with the tendered lines 14-19bps tighter while the rest of the curve is mostly 3-4bps wider.