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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
CNP Assurances (CNPFP: A1/A/A) is issuing tier 2 debt and we see fair value around MS+210-220bp.
- CNP is issuing EUR500m (WNG) 30NC10 tier 2 sub debt with IPT at MS+240bp area. Expected ratings are A3/BBB+.
- CNP and BFCM are similarly-rated though the latter trades wider – so we can see fair value inside BFCM’s curve and that CNPFP 5.25% is at MS+196bp at 1.5yrs shorter. Using 10bp per year, this would imply around MS+211bp so we see fair value around MS+210-220bp.
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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