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CredAg: Priced Tight To Our FV, Good Coverage, Positive For Financials Spreads

FINANCIALS

CredAg final terms are at MS+170bp with the book 3.8x covered. We had FV at around MS+165-170bp so little evidence of a meaningful NIC and still a pretty well covered book. Positive for financials spreads, especially on a busy day with a good pipeline for tomorrow already visible, we feel.


  • Recent issuance has shown cover rising from January’s lows of 3.2x (March was the high YTD at 3.5x), last week was 3.9x but, in fairness, was a relatively low volume week. This seems a relatively positive sign for financials spreads on what is quite a busy day with a pipeline of mandates also coming through.
  • Details: EUR1bn 12NC7 Tier 2 sub debt, rated Baa1/BBB+/A-. IPT was MS+205bp and total book reported above EUR3.8bn. Preliminary ticker: ACAFP 0 04/15/36 Corp.

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