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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
BPER covered bond issue makes 3.75% ‘28s screen cheap, we feel.
- BPER is issuing a EUR500m (WNG) short 7Y covered fixed bond today. Initial guidance was MS+75bp, revised to +65bp and it’s now priced at +62bp. Books are reported above EUR4.4bn (incl. JLM) so 8.8x covered.
- The chart below shows BPER and its immediate peer BPM alongside the two Italian majors (all have covered curves rated Aa3) and we note that initial guidance was relatively tight, and this has now priced through the curves of all but Intesa.
- This does underline the strength of the credit market right now but also (to quote my colleague when referring to Stellantis’ EUR issue yesterday) this appears to be another “one of several recent cases of primary repricing secondary tighter”. This highlights value in BPEIM 3.75 10/22/28 at the very least, we feel.
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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