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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CREDIT SUPPLY
Belfius Bank (CCBGBB: A1/A/A-) is issuing senior preferred FRN today, we see fair value around 3mE+60bp area.
- Belfius is issuing EUR benchmark 3Y senior preferred FRN with IPT at 3mE+75bp area. Expected ratings are A1/A.
- BANQUE Float ‘27s (Banque Lux) are one notch weaker rated and slightly shorter workout, trading at 3mE+70bp, whilst BFCM has a ’27 (one notch better) at 3mE+47bp, making the two notches worth a little over 20bp. Triangulating that for Belfius (and a small workout adjustment) gets to a fair value around 3mE+60bp, in our view.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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