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ABN-Amro (ABNANV: Baa1/BBB/A) 12NC7 T2 FV

FINANCIALS

€750m WNG 12NC7 T2 (Baa2/BBB-/BBB+) IPT +200a vs. FV +170 (-30)

    • Books above >€2b (ex. JLM), leads
  • In early March it issued a €750m PerpNC7.5 (Nr/NR/BBB-) at 6.875% (MS+424 then) and has rallied +2.4pts/-50bps since.
  • Outside that it did a €1.25b 3Y Snr Pref floater and a €1b 8Y SNP (Baa1/BBB/A) at MS+140 (now +93); both in Jan.
  • 2Q results come on the 7th of August.
  • Alex's on co buying HSBC's German private banking business (UoP for deal is GCP) hereand take on 1Q results here.

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