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FINANCIALS: Credit Agricole - New Issue - € B'mark PerpNC10 - FV

FINANCIALS
  • IPT: 6.375%
  • FV: 5.875% - Floating spread c340. While 10 year AT1s are still uncommon in EUR, ABNANV is a good comp, which trades very close, but slightly inside ACAFP at shorter maturities - when adjusting for float spreads. The ABNANV 6.375% Perp currently yields 5.7% and we put our FV 0.125% outside this bond for the slight extension and the lower back end spread.
  • Exp. Ratings: BBB-/BBB (S&P/Fitch)

 

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  • IPT: 6.375%
  • FV: 5.875% - Floating spread c340. While 10 year AT1s are still uncommon in EUR, ABNANV is a good comp, which trades very close, but slightly inside ACAFP at shorter maturities - when adjusting for float spreads. The ABNANV 6.375% Perp currently yields 5.7% and we put our FV 0.125% outside this bond for the slight extension and the lower back end spread.
  • Exp. Ratings: BBB-/BBB (S&P/Fitch)