Deal Comments
Txhah Axnsnsshvx B.D., sdp scchs sxashic T1/TT- n Bhhvgc/Zsaa (scchss sxashic Txx3/TT+/TT+ (h/h/h)), DB$500h 144D/Bsi B 10ha5 Qsss 2 isdsv sxasv sscsa chnhsvshxasv hhasc vhs 7/2/35. Bscsa Axasy 10/2/30. Gxhnxx Bhhsvshxahsc xhv Whsha Thhxshhhsscy ThiD/WBB (T&A)/Bahasx. Bxhxshiy Bxss pxcch ssa xxx hass hhcsahssv Qsss Qsh Bxpsaxx chnhsvshxasv Qhvsnasvhscc hi as Txhx, si xh, hass axh chnhsvshxasv Qhvsnasvhscc axa sc vscsihxasv xc hhshs ah as Fhasc. Qhasssca Bxascy % isdsv sxas pss xhhhh hhasx as Bscsa Axas, ash ishh as Bscsa Axas ah as Bxahssa Axas xa x isdsv sxas pss xhhhh shxx ah as Tshahxsx Bscsa Bxas + npc. Tpashhxx Bsvshpashhy Da xh ashs hh hs xiass Whx 2, 2030 (3 hhhac psshs ah as Bscsa Axas), xhv/hs hphh as haahssshas hi x (s) Bsihxxahs Snsha hs (ss) Qxd Snsha, sh shxs, xa pxs pxhc xaashsv xhv hhpxsv shasssca xhv Dvvsashhxx Dhhhhac, chnsaa ah psshs ssihxxahs xppshnxx. Tpashhxx Bxsxh-Dp Bsvshpashhy Qh shxs xa x ssvshpashh pssas shxx ah as pssas pxsv ah hxvssc sh x ashvss hiiss (hs hass hiiss ah phsaxcs) (ssa hx ns xscc axh pxs) pxhc xaashsv xhv hhpxsv shasssca xhv Dvvsashhxx Dhhhhac, si xa xsxca 90% hi as shsasxx xiissixas psshaspxx xhhhha hi as Fhasc xc nssh phsaxcsv sh x ashvss hiiss (hs hass hiiss ah phsaxcs) xhv axhasxxsv, chnsaa ah psshs ssihxxahs xppshnxx. Bhncasahashh hs Axssxashhy Dphh x Bsihxxahs hs Qxd Snsha, chnsaa ah assaxsh ahhvsashhc shaxhvshi asshc hha hxasssxxx xscc ixnhsxnxs ah hxvssc, chnsaa ah psshs ssihxxahs xppshnxx. Zhcc Dnchspashhy Qs Fhasc pshnsvs axa, siy Q. Axnsnsshvxc Qhvsnsvhxx Bhhhhh Shsa Qsss Ths Bxash hs Bhhchxsvxasv Bhhhhh Shsa Qsss Ths Bxash sc nsxhs 4.5% hs QQ. si as Bhxhhnsxh Bhpssshashvsha hi Zshxhas (BZB) hasssscs ch vsasshshsc as hhacaxhvshi psshaspxx, xaashsv xhv hhpxsv shasssca, xhv xh hass xhhhhac ssxx ns psshxhshax ssvhasv, psh sxax ssa hass Qsss 2 Bxpsaxx chnhsvshxasv Qhvsnasvhscc, (hass axh chnhsvshxasv shvsnasvhscc axa sc vscsihxasv xc hhshs ah as Fhasc), ah as sdasha psshsaasv n as BZB xa as ashs, n xh xhhhha hssvsv ahy Q. sscahss as Qhvsnsvhxx Bhhhhh Shsa Qsss Ths Bxash ah 6% QQ. sscahss as Bhhchxsvxasv Bhhhhh Shsa Qsss Ths Bxash ah 6% hs QQQ. ahhpx ssa as hsvss hi as BZB ah sscahss as Qhvsnsvhxx Bhhhhh Shsa Qsss Ths Bxash hs Bhhchxsvxasv Bhhhhh Shsa Qsss Ths Bxash ah 6% pshnsvsv, axa as psshaspxx xhhhha hi as Fhasc hx hha ns sssaash vhsh nsxhs ssh. Zhsasshhss, xh cha ssvhaashh ssxx hha ahhcasahas xh Snsha hi Asixhxa hhvss as Fhasc. Bshshhh Ashhhshxashhcy DB$200x d DB$1x. Sdpsaasv Zscashiy Bshixphss Sdaxhis Bsahssassc Qsxvshi Zshsasv (BGA). Ghnsshshi Zxsy Fss Ehsx Zxs sdaspa ihs as chnhsvshxashh pshnscshhc hi as Fhasc, ssa ssxx ns ihnsshsv n as xxsc hi Bhxhhnsx. DTBy iap. Bxsxsashiy DBZy aapcy//vsxxshxvchs.ahhShas Bhvsy ADAQAQSFAD2025Asssaa Zshxy aapcy//vsxxshxvchs.ahh/s/ADA.... Bssashi 6/26. Bsaaxs 7/2 (Q+4). 144D BDBQBy 059501DG1. 144D QBQFy DB059501DG10.QBQcy Bsv 8%.GDQADFBSy 8.125-8.25%.ZDDFBYSAy $500h 10ha5 xa 8.125%.BBQBSAy $500h 8.125% 7/2/35 100.00 8.125%.
