January 09, 2025 09:44 GMT
FINANCIALS: BayernLB (BYLAN) - New Issue - 2030 SR Pref - FV
FINANCIALS
BayernLB (BYLAN) - New Issue - 2030 SR Pref
- IPT: MS+95
- FV: MS+63 - Using the curve shape of the meaningfully lower rated CMZB as a guide for the shorter BYLAN bond, we think 18bps less spread for the lower workout date is fair. The existence of the (less liquid) BYLAN 3.39 2029 look like an odd chart in a less well populated space.
- Exp. Ratings: Aa2/AA-
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