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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
Credit Agricole (ACAFP: A3/A-/A+) is issuing social senior non-preferred today – we see fair value around MS+100-105bp area.
- CredAg is raising EUR750m (WNG) 6.5NC5.5 social senior non-preferred with IPT at MS+140-145bp. Expected ratings are A3/A-/A+.
- 1Q24 results were good with upgraded guidance and, whilst the equity has lagged peers due to the French political situation, the cash bonds have broadly tracked. Results aren’t due until 1-Aug.
- BNP and CredAg both have well populated SNP curves and there’s an adjacent ACAFP social bond (ACAFP 0.5% ’29) at a slightly shorter (1.3yrs) workout. It’s at MS+95bp so, adding around 5-10bp per year term premium takes us towards a fair value around MS+100-105bp.
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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