May 28, 2024 08:25 GMT
AXA FV (EUR Benchmark 10Y Fixed; A1/A+)
CREDIT SUPPLY
- IPT given at MS+90a – looks slightly tight to us; we see FV around MS+60-65a
- Noting the low cash prices on the longer ends of the Allianz and AXA Home Loan curves whereas the AXA SA curve trades close to par.
- AXAlast brought a SUN to market in January 2023 for a EUR 750mn 10y deal that tightened 27.5bps from IPT to price at MS+75bops with a cover of 2.8x.
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