(7Y MS+120 Area, 12Y MS+160 Area; A3/NR/A-)

• IPT given at MS+120, MS+160bps; looks wide, would have put FV in the region of MS+80bps and MS+115bps. Noting low cash prices across most comparable lines and the fact that Repsol has historically traded quite tight for its rating.
• https://marketnews.com/omv-q2-results-weaker-though-broadly-in-line-with-trading-update-not-a-spread-mover
• https://marketnews.com/omv-ag-baa2-bbb-trading-update-slight-credit-negative