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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
Erste Bank (ERSTBK: A1/A+/A) issuing benchmark senior preferred, too. We see fair value around MS+95bp area.
- Erste is issuing EUR benchmark 8NC7 senior preferred with IPT at MS+120-125bp area. Expected ratings are: A1/A+/A.
- Erste’s results (2-Aug) were above consensus at the profit level with guidance improved around returns and loan losses. Spreads have broadly tracked the peers since.
- Erste trades tight with BPCE (similarly-rated) which has a longer curve and with the ERSTBK 4.25% trading at MS+83bp (at 2.2yrs shorter workout) we see fair value at MS+95bp 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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