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CREDIT SUPPLY: CoOp Bank GBP Sr Unsec; We See FV Around MS+185bp, UKT+190bp Area

CREDIT SUPPLY
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Coop Bank (COOPBK: Ba2 pos) is raising senior unsecured today, we see fair value around MS+185bp area, UKT+190bp.

  • COOPBK is raising GBP200m 4NC3 green fixed-to-fixed senior unsecured with IPT at UKT+220bp. Expected rating is Ba2.
  • This equates to MS+215bp. COOP already has a similar bond at slightly shorter workout. Looking at TP ICAP and SANUK’s curves, these do flatten out, so we can see this getting fairly close to the COOPBK 9.5% at MS+181bp. We see fair value around MS+185bp area.
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Coop Bank (COOPBK: Ba2 pos) is raising senior unsecured today, we see fair value around MS+185bp area, UKT+190bp.

  • COOPBK is raising GBP200m 4NC3 green fixed-to-fixed senior unsecured with IPT at UKT+220bp. Expected rating is Ba2.
  • This equates to MS+215bp. COOP already has a similar bond at slightly shorter workout. Looking at TP ICAP and SANUK’s curves, these do flatten out, so we can see this getting fairly close to the COOPBK 9.5% at MS+181bp. We see fair value around MS+185bp area.