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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.
FINANCIALS
BPCE primary pricing thoughts: 125-130bp area.
- BPCE is issuing a EUR benchmark senior non-preferred 9NC8 – IPT is at MS+170bp, books are above EUR1.5bn already.
- There are three higher coupon comparators above BPCE’s SNP cash curve already (and one on the curve) so we interpolate these, seeing a fair value around 130bp.
- Bearing in mind some recent issues have priced very tight, or even through, existing curves, we see FV around 125-130bp.
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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