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Why MNI
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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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Free AccessCREDIT SUPPLY: FIG Primary Lunch Update, Range Of Finalised Deals
- KBC (KBCBB: A3/A-/A) issued AT1 at 6.25% yield, we see fair value around 6.1% yield area, so some NIC for a change on an AT1. Books are EUR2.25bn for EUR750m, 3x cover.
- BAWAG Group (BGAV: Baa2) books are above EUR1.25bn, no further updates.
- Piraeus (TPEIR: Ba2 pos/B+/BB pos) issued Tier 2 sub debt, sized at EUR650m, books >EUR2.7bn, so >4x cover. NIC is 15-20bp based on our FV.
- Macquarie Bank (MQGAU: A1/BBB+/A) final terms are MS+87bp, we see fair value around MS+95-100bp, putting it around 5bp tight of even TD’s senior unsecured curve. Books are above EUR1.7bn (were EUR1bn) and the issue has sized up to EUR600m (from EUR500m).
- Caixabank (CABKSM: Baa2/BBB pos/BBB+ pos) issuing two tranches this morning. On the social 8NC7 SNP, final spread is MS+130bp, we see fair value around MS+140bp area. Books are above EUR3.3bn. The 4NC FRN is coming at 3mE+60bp, books >EUR1.3bn.
- Hamburg Commercial (HCOB: A3) has issued senior preferred at MS+120bp and EUR625m. NIC of 10bp to our FV, books are >EUR1.45bn (slipped from EUR1.85bn), cover <3x.
- Hellenic Bank (HBCY: Ba2 pos/BBB-) senior pref IPT is 4.5% yield area. No updates yet.
GBP issues:
- NatWest (NWG: A3/BBB+/A) issuing long 10NC5 Tier 2 sub debt, we see fair value at MS+220bp area, UKT+213bp area.
- Just Group (JUSTLN: BBB) GBP400m 10.5yr sustainable Tier 2, books >EUR1bn.
- Mandate: Coop Bank (COOPBK: Ba2 pos) GBP400m 4NC3 senior green bond.
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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.