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CREDIT SUPPLY: BCP SP FV (EU500m WNG 5NC4 Sr Pref Variable; Baa2/BBB/BBB-)

CREDIT SUPPLY
  • IPT given at MS+115bps, we see FV around MS+82.5bps.
  • BCP last issued SP in Sept 2023 in a EUR 500mn 3NC2 that tightened 30 bps to price at MS+190bps with a cover of 2.9x and a NIC of ~5bp. The bond widened by ~4bp over the following week while the Sr Bank index widened by 5bp.

 

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  • IPT given at MS+115bps, we see FV around MS+82.5bps.
  • BCP last issued SP in Sept 2023 in a EUR 500mn 3NC2 that tightened 30 bps to price at MS+190bps with a cover of 2.9x and a NIC of ~5bp. The bond widened by ~4bp over the following week while the Sr Bank index widened by 5bp.