Free Trial

Banks' Final Terms: UCG Tight, Alpha & Belfius Some NIC

CREDIT SUPPLY

Unicredit, Belfius and Alpha Services final terms out. Unicredit tight on good demand, latter two showing some NIC against our fair values.


  • Unicredit (UCGIM: Baa3/BBB-/BBB-) SNP 4NC3 final terms at MS+85bp (IPT was MS+120bp), our FV is MS+80bp (books >EUR2.5bn ex-JLMs, ). The 10Y final terms are MS+145bp (IPT was MS+180bp), our FV is MS+145bp (books >EUR2.4bn ex-JLMs).
  • Alpha Services (ALPHA: B1 pos/CCC pos) Tier 2 final terms are 6.125% yield (IPT was 6.375-6.50%), our FV is 5.90% area, so some NIC evidence. Books are >EUR1.5bn, >3x cover.
  • Belfius (CCBGBB: A1/A/A-) green senior pref final terms are MS+82bp (IPT was MS+110bp area), our FV is 70-75bp area, so another good NIC result. Books are >EUR2bn (ex-JLMs), so >2.6x cover.

To read the full story

Close

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.