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FINANCIALS
Credit Mutuel Arkea issuing senior preferred today – we see fair value around MS+95bp.
- CMARK is issuing EUR benchmark 9.5yr (Oct-33) with IPT at MS+130bp.
- Both CMARK and Banque Fed CM (BFCM) have similar businesses, ratings and curves and there are a range of comparators at very similar tenors (see graphic).
- As a result, we’d see this pricing slightly inside the BFCM 3.75% (longer dated) and tight to the CMARK line around MS+95bp.
- We would caveat that OPBANK is coming to market today, too, is similarly-rated and also looking for senior preferred but at shorter tenor (3Y) and it’s a green issue.
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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