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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
Bank of New Zealand (BZLNZ: A1/AA-/A+) is issuing senior unsecured and we see fair value around MS+85-90bp area.
- BNZ is issuing EUR benchmark 5yr senior unsecured with IPT at MS+105bp area. Expected ratings are A1/AA-.
- The bank only has one meaningful EUR unsecured in issue (BZLNZ 0.375% 09/14/24) and it’s not tapped this market in 5yrs now.
- ANZNZ and WestPac are similarly-rated but the latter’s curve is all low-coupon/price issues so likely trading tight of where they’d otherwise be. The former only has one decent comparator which trades in line with Bank of America, so we’d see fair value for this around the BAC curve but with a small premium for being relatively unknown and a small issuer. So, we feel MS+85-90bp area to be fair.
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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