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(all final terms) A range of performances, tough for Triodos and Baer, good USD issue for ING, alongside EUR for NatWest and Aareal.
- Banca Sella (BNSELL: Ba3/BBB) selling a its inaugural covered bond today, at MS+64bp, so some NIC to our fair value (of MS+58-60bp area). Books are above EUR700m (for EUR400m) so 1.75x covered.
- NatWest (NWG: A3/BBB+/A) sold EUR1bn social senior unsecured at MS+118bp (we had FV at MS+125bp), books above EUR3bn. Super tight and good cover.
- Aareal Bank (AARB: Baa3/BBB) issued at MS+325bp, so a tiny NIC (to our fair value of MS+310-330bp area). The syndicate achieved 5x coverage, too.
- Intesa (ISPIM: Baa3/BBB-/BBB-) came with 8bp of NIC and 2.9x covered for a bumper EUR1.5bn issue. Positive.
- ELM BV for Julius Baer (BAERVX: Baa1) issued at MS+150bp (same as IPT), we had fair value around MS+115-120bp area and the issue was only 1.5x covered. Mediocre.
- PKO (PKOBP: A3/A-) came in 40bp from IPT and was 3.5x covered – good performance.
- Triodos Bank (TRIOD: BBB neg) only achieved minor tightening (IPT: MS+260bp, finals +250bp) and 1.8x cover – tougher issue for a niche business.
Other currencies:
- ING (INTNED: Baa1 pos/A-/A+) issued USD AT1 inside our IPT and 6.8x covered – another very strong bank sub debt issue.
- Nordea (NDAFH: A3 pos/A/AA-) sold 5Y GBP300m senior pref at UKT+95bp (IPT was UKT+105-110bp), books around GBP530m, so 1.8x covered.
- Aviva (AVLN: A2/A) sold GBP500m of 30NC10 Tier 2 sub debt at 3x cover.
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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.