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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
Commerzbank(CMZB: A2 pos/A) issuing benchmarkcovered bond today, we see fair value around MS+25bp.
- Commerzbank is issuing benchmark 5Y covered with guidance at MS+30bp area. Expected rating is: Aaa.
- 2Q24 results (7-Aug) were a little weaker on loan loss performance and non-performers but spreads have tightened since then, even whilst the equity has underperformed.
- CMZB has a well populated covereds curve and there’s little reason to see this issue price away from it, so we see fair value around MS+25bp area.
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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