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CaixaBank (4NC3 Sr Pref FRN; A3/A-/A-, 8NC7 Social SNP; Baa2/BBB/BBB+)

CREDIT SUPPLY
  • IPT on the SNP given at MS+165a; we see FV around MS+140a noting the slightly higher cash price on the 5.125% 34s.
  • CaixaBank last issued SNP in Feb in a EUR 1.25bn 8yr deal that tightened 35bps to price at MS+150 with a cover of 2.4x.

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  • IPT on the SNP given at MS+165a; we see FV around MS+140a noting the slightly higher cash price on the 5.125% 34s.
  • CaixaBank last issued SNP in Feb in a EUR 1.25bn 8yr deal that tightened 35bps to price at MS+150 with a cover of 2.4x.