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CREDIT SUPPLY: FIG Primary Lunch Update, Range Of Finalised Deals

CREDIT SUPPLY
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  • 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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  • 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.