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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.
CREDIT SUPPLY
Bank of Ireland (BKIR: sub rating Baa2 pos/BB+/BBB-) is raising 10.25NC5.25 Tier 2 sub debt – we see fair value at MS+185bp area.
- BKIR is raising EUR500m (WNG) 10.25NC5.25 Tier 2 sub debt with IPT at MS+220bp area, expected rating Baa2/BB+/BBB-. BKIR last came to market in Mar-24 for USD1bn and hasn’t raised any EUR since Nov-23 (EUR750m green sr unsecured).
- Caixabank is actually marginally better-rated (CABKSM: Baa3/BBB-,BBB-, see grpahic) but trades wide of BKIR and the call structures of the adjacent bonds (CABKSM 6.125 ’34 and BKIR 6.75 ’33) are similar to this issue. So, we can see a fair value as tight as MS+185bp area.
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.
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