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FINANCIALS: Credit Agricole - New Issue - Snr Non-Preferred 7NC6

FINANCIALS

Credit Agricole - New Issue - Snr Non-Preferred 7NC6

  • IPT - UKT +135-140
  • FV - UKT +107. The ACAFP 6.375% 2031 is c.1 year shorter than the new issue. This trades at +103 vs UKT 0.25% 07/31/31. Adding 3bps for the duration extension from a corrected benchmark spread curve. Alternately, the curve looks more normal in Z, and extrapolating 1 year arrives at Z+136, subtracting -29bps for the Z spread of the benchmark gets you UKT + 107
  • Exp. Ratings: A3/A-/A+

 

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Credit Agricole - New Issue - Snr Non-Preferred 7NC6

  • IPT - UKT +135-140
  • FV - UKT +107. The ACAFP 6.375% 2031 is c.1 year shorter than the new issue. This trades at +103 vs UKT 0.25% 07/31/31. Adding 3bps for the duration extension from a corrected benchmark spread curve. Alternately, the curve looks more normal in Z, and extrapolating 1 year arrives at Z+136, subtracting -29bps for the Z spread of the benchmark gets you UKT + 107
  • Exp. Ratings: A3/A-/A+