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CREDIT SUPPLY: Bankinter Senior Preferred: We See FV Around MS+105bp Area

CREDIT SUPPLY
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Bankinter (BKTSM: Baa1u/BBB) is issuing senior preferred today, we see fair value around MS+105bp area.

  • Bankinter is issuing EUR benchmark 8NC7 senior preferred fixed with IPT at MS+140bp area. Expected rating is A-.
  • BKTSM only has one senior preferred (BKTSM 4.375% ’30) at MS+96bp, a little over 2yrs shorter. The Spanish comps show around 5-6bp p.a. of extension, which puts fair value around MS+105bp area, we feel.
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Bankinter (BKTSM: Baa1u/BBB) is issuing senior preferred today, we see fair value around MS+105bp area.

  • Bankinter is issuing EUR benchmark 8NC7 senior preferred fixed with IPT at MS+140bp area. Expected rating is A-.
  • BKTSM only has one senior preferred (BKTSM 4.375% ’30) at MS+96bp, a little over 2yrs shorter. The Spanish comps show around 5-6bp p.a. of extension, which puts fair value around MS+105bp area, we feel.