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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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Athora Hldg (ATHORA: BBB-) is issuing Tier 2 today, we see fair value at MS+275-285bp area but with a very wide confidence interval.
- Athora Holding is issuing EUR benchmark 10.25Y Tier 2 sub debt with IPT at MS+345bp area. Expected rating is BBB-. It is concurrently tendering on two outstanding Tier 2 notes (ATHORA 2.25% ‘31s and/or ATHORA 5.375% ‘32s).
- Achmea and ASR are obvious industry peers with NN Group also in there but one notch better-rated. Athora, at the short end, trades wide of these peers, and it’s got little history out at this workout so we struggle to see this issue being that tight to either Achmea and ASR.
- The ATHORA 5.375% appears remarkably wide so we have relatively low confidence in this fair value but, in theory, it should be in the MS+275-285bp 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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