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FINANCIALS: Achmea - New Issue PNC10 RT1 - FV

FINANCIALS
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 Achmea - New Issue PNC10 RT1

  • IPT: 6.75%
  • FV: 6.4% - The RT1 space is very sparsely populated, which makes FV difficult to be certain of.  The ACHMEA 4.625% Perp trade c.10bps back from the LAMON 4.375% Perp with a similar maturity extension, although the ACHMEA has a c.40bps higher float spread. This would make me think the ACHMEA at 10Y should trade at least 10-15bps back of LAMON 6.75% Perp. At 6.4%, the float spread on the new bond will be even lower at c.390bps. And so I've moved my DV another 5bps  wider, putting it 20bps wide of the LAMON 6.75% Perp.
  • Exp Ratings:  Exp. Ratings: BB+/BBB

 

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 Achmea - New Issue PNC10 RT1

  • IPT: 6.75%
  • FV: 6.4% - The RT1 space is very sparsely populated, which makes FV difficult to be certain of.  The ACHMEA 4.625% Perp trade c.10bps back from the LAMON 4.375% Perp with a similar maturity extension, although the ACHMEA has a c.40bps higher float spread. This would make me think the ACHMEA at 10Y should trade at least 10-15bps back of LAMON 6.75% Perp. At 6.4%, the float spread on the new bond will be even lower at c.390bps. And so I've moved my DV another 5bps  wider, putting it 20bps wide of the LAMON 6.75% Perp.
  • Exp Ratings:  Exp. Ratings: BB+/BBB