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.
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.
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