Free Trial
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.
CREDIT SUPPLY
Credit Mutuel Arkea (CMARK; Baa1/A-) is raising Tier 2 11NC6 debt with IPT at MS+220bp area. We see fair value at MS+175bp area.
- CMARK is coming to market with EUR500m (WNG) 11NC6 Tier 2 subordinated debt issue, with expected ratings Baa1/A-.
- CMARK’s Tier 2 curve is consistently wide of BFCM’s and we’ve also plotted CredAg (ACAFP) on the attached graphic to complete the set of similarly-rated French peers. BPCE is one notch weaker (Baa2) but, at the 7Y workout point, it trades in line with at least two of those peers.
- We see fair value at MS+175bp area, assuming some NIP for investors to move it at least in line with BPCE’s curve.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok