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AXA FV (EUR Benchmark 10Y Fixed; A1/A+)

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  • 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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  • 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.