April 30, 2024 10:52 GMT
Volvo Car (Ba1/BB+): New Issue FV Analysis
CREDIT SUPPLY
- IPT: Volvo Car EUR Benchmark 6Y Green 5.125% Area.
- We see FV at 4.7% area.
- We would expect a ~10bp discount to the SHAEFF (Baa3/BB+) curve.
- On that note, the VOVCAB 2 25 at Z+95 look attractive especially with new financing.
- We estimate MS+185a as fair, i.e. 4.70% area.
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