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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FINANCIALS
Nova KBM prices through parent company’s curve, at MS+190bp – could drag OTP’s curve tighter.
- Earlier, we noted Nova’s spread premium to its (better-rated) parent company curve so viewed fair value at somewhere around MS+215bp.
- What has followed is a very strong performance with the new issue pricing not only inside OTP’s curve, but tighter than the observed spread of OTP’s 6.125% at MS+194bp.
- Primary last week had normalised with positive NICs being seen and, much as this week could well be quieter as we run into European public holidays over the long weekend, this is a remarkable performance. That OTP bond could get pulled tighter now, we feel.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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