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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.
CREDIT SUPPLY
Alpha Services (B1 pos/CCC pos) is issuing Tier 2 sub debt today – we see fair value at 5.90% area.
- Alpha Services (owner of Alpha Bank) is issuing EUR500m (WNG) 10.25NC5.25 of Tier 2 sub debt with IPT in the 6.375-6.500% area. Expected rating is B1.
- Using a swap rate of 2.88%, this implies MS+350-362bp area. Eurobank and MPS are both similarly-rated but there are generally few good T2 curves at these ratings. Alpha’s single T2 trades tight to MPS’s curve (and wide of Eurobank) so we’d see fair value here something slightly above Monte’s 10.5% at similar workout to account for the relatively less well known nature of Alpha
- We see fair value around MS+300bp, so 5.90% area.
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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