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CREDIT SUPPLY: FIG Primary: Tight Pricing With Large Books Sizes/Cover

CREDIT SUPPLY

Busy morning of FIG primary – final terms/spreads, >EUR14bn in total books very tight pricing, only Mizuho and Handelsbanken wide of our FVs.

  • {fr} BNP (BNP: Baa1/A-/A+) final terms: MS+170bp (MNI FV MS+170-180a), books EUR4.7bn for EUR1.25bn size.
  • {as}Erste Bank (ERSTBK: A1/A+/A) final terms: MS+90bp (MNI FV MS+95a), books above EUR2.4bn for EUR750m size. 
  • {sw}Handelsbanken (SHBASS: A2/A/AA) final terms: MS+87bp (MNI FV MS+85bp area), books >EUR2.45bn for EUR750m size.
  • {jn} Mizuho (MIZUHO: A1/A-) final spreads
    • EUR benchmark 10Y, set at MS+130bp, we had fair value MS+125bpa. Books above EUR2.35bn.
    • EUR500m 6NC5, set at MS+100bp, we had fair value at MS+95bpa. Books above EUR2.4bn.

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