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FINANCIALS: Bankinter - New Issue - € B'mark 8NC7 Sr Non-Pref - FV

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Bankinter - New Issue - € B'mark 8NC7 Sr Non-Pref

  • IPT: MS+155
  • FV: MS+115 - Currently the BKTSM and CABKSM SNP curves optically trade on top of each other. Although we have to take account of the fact that several of the CABKSM bonds trade well above par, and the recently issued CABKSM 3.75% 2036 is trading on this curve at par, indicating it is struggling a little following the recent issue. We also have to take account of the fact that the two CABKSM issues in Jan and Sep (SNP x2 and AT1) has led the name to widen a bit vs BKTSM (5-10bps across various maturities). In Sr Pref CABKSM still trades well inside BKTSM. We attribute this mostly to widening an CABKSM though, and still think the bonds could come as tight as MS+115 as a result today, but would like to see the larger, although similarly rated at S&P, CABKSM curve trade inside BKTSM over time. (We discount the BKT 0.625% 2027 as it seems to trade with a 4-5bp green premium.)
  • Exp. Ratings: BBB - S&P

 

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Bankinter - New Issue - € B'mark 8NC7 Sr Non-Pref

  • IPT: MS+155
  • FV: MS+115 - Currently the BKTSM and CABKSM SNP curves optically trade on top of each other. Although we have to take account of the fact that several of the CABKSM bonds trade well above par, and the recently issued CABKSM 3.75% 2036 is trading on this curve at par, indicating it is struggling a little following the recent issue. We also have to take account of the fact that the two CABKSM issues in Jan and Sep (SNP x2 and AT1) has led the name to widen a bit vs BKTSM (5-10bps across various maturities). In Sr Pref CABKSM still trades well inside BKTSM. We attribute this mostly to widening an CABKSM though, and still think the bonds could come as tight as MS+115 as a result today, but would like to see the larger, although similarly rated at S&P, CABKSM curve trade inside BKTSM over time. (We discount the BKT 0.625% 2027 as it seems to trade with a 4-5bp green premium.)
  • Exp. Ratings: BBB - S&P