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CREDIT SUPPLY: Commerzbank (CMZB Ba2/BB/NR): $AT1 FV

CREDIT SUPPLY
  • IPT: $Benchmark PerpNC6.5 Reg S Variable 8% Area.
  • We see FV at MS+400 or 7.25%a.
  • We see around 40 / 50 wide to BBVASM / SANTAN as fair given $ and € secondary levels.

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  • IPT: $Benchmark PerpNC6.5 Reg S Variable 8% Area.
  • We see FV at MS+400 or 7.25%a.
  • We see around 40 / 50 wide to BBVASM / SANTAN as fair given $ and € secondary levels.