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FINANCIALS
BPER Banca green sr pref mandate; ISP’s curve would likely price a new issue in the region of 110-115bp, so we’d see BPER pricing wide to this.
- BPER announced the mandate for a green senior preferred EUR500m issue, 6NC5 WNG, expected to be rated Ba1/BBB-/BBB. BPER only has three sr pref bonds outstanding, none are green and only at shorter maturities (furthest is Mar-27) so there will be some rarity value to this.
- BPER’s curve trades wide of ISP’s sr pref curve (see graphic), and ISP has two big issues out at Mar-28 trading in the region of MS+78-88bp. The ISP curve at 5Y is a little over 100bp, so would see any new issue pricing 110-115bp so a BPER issue, even with rarity value, would likely to wider than those numbers.
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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