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Werfen (WERFEN; NR, BBB- S, BBB- Pos) Private co, Final Terms

HEALTHCARE
  • Final terms on €500m 6Y is +148, 7bps inside our FV and -27 in from IPT. Books healthy >4x covered.
  • Leaves 28/31s spread at 27bps for the just north of 2yr term extension - 28s still screen cheapest on curve.
  • Hard to have firm view on curve to tighten to ratings - private co that seems to jump around on flows.
  • Werfen joins General mills 6.5y (-5) & Sydney Airport 8Y (-5) on recent deals that went through our FV.

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