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Webuild (NR/BB/BB): New Issue FV Analysis

CREDIT SUPPLY
  • IPT: Webuild Exp. EU400m 5Y High 5%s.
  • We see FV at 5.125%a.
  • We think OAS +225 is about fair, with high yield curves generally steep and several maturities in front.
  • We note 5Y CDS quoted at 280 mid and IPGIM has put in an impressive rally since issuing at 7.25% last September. We expect the market to demand a reasonable concession on this one.

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