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CREDIT SUPPLY: BayernLB (BYLAN Aa2/NR/AA-): New Issue FV

CREDIT SUPPLY
  • IPT: EU500m WNG 7Y Sr Pref Fixed MS+105 Area.
  • We see FV at MS+80a.
  • With few liquid comps at that part of the curve we put FV 5bp inside where we think SRBANK (Aa3) would be. BHH 0.375 04/31 is quoted wider but is very illiquid from what we hear, and looks wide vs its SNP.

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  • IPT: EU500m WNG 7Y Sr Pref Fixed MS+105 Area.
  • We see FV at MS+80a.
  • With few liquid comps at that part of the curve we put FV 5bp inside where we think SRBANK (Aa3) would be. BHH 0.375 04/31 is quoted wider but is very illiquid from what we hear, and looks wide vs its SNP.