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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
Deutsche Bank (DB: Baa1/BBB/A-) is issuing two-tranche senior non-preferred today, We see fair value on the 4NC3 at MS+100bp area and, on the 11NC10, at MS+170bp area.
- Deutsche is issuing a two-tranche senior non-preferred: a EUR500m (WNG) 4NC3 social fixed-to-FRN with IPT at MS+130bp area, and a EUR benchmark 11NC10 fixed-to-FRN with IPT at MS+200bp area. Expected ratings for both are Baa1/BBB/A-.
- Deutsche has a liquid SNP curve already, CMZB’s curve doesn’t really add much information, in our view. We see fair value on the 4NC3 social at MS+100bp area, there are three bonds adjacent and, noting the coupon on the DB1.875, maybe a couple of basis points tighter would be justifiable. On the 11NC10, Unicredit trades 10-20bp tighter around the 5-6Y workout, so we’d see a similar delta at the 10Y point. So, we see fair value around MS+170bp 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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