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CREDIT SUPPLY: FIG Primary Monitor: Some Very Good, Some Less So

CREDIT SUPPLY
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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:

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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:

Keep reading...Show less