September 05, 2024 13:30 GMT
CREDIT SUPPLY: FIG Primary Monitor: Some Very Good, Some Less So
CREDIT SUPPLY
(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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