Free Trial

BBVA: Green SP Issue Fair Value Seen c.MS+85bp

FINANCIALS

BBVA green senior preferred: we see fair value around MS+85bp.


  • BBVA is issuing a green 7yr senior preferred in benchmark size today. IPT is MS+120bp.
  • Results on 30-Jan were relatively good with upgraded guidance. The equity is c.18% higher since (12pp more than SX7P). BBVA’s index constituent curve has tightened around 20bp over the last month and its green ‘29s (BBVASM 4 3/8 10/14/29) is marginally below the curve itself.
  • Recent demand has been strong and bank credit has tightened meaningfully across the week, so we can see fair value as tight at MS+85bp here.

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.