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CREDIT SUPPLY: FIG Primary Update Summary

CREDIT SUPPLY
  • ABN-Amro (ABNANV: Baa1/BBB/A) AT1 issue; we have FV at 6.4% yield area
  • Banco BPM (BAMIIM: Baa3/BB+ pos/BBB-) social SNP books >EUR2bn (for benchmark), we have FV at MS+145bp area.
  • Novo Banco (NOVBNC: Baa1/BBB-) senior pref issue books >EUR1bn (for EUR500m), we have FV at MS+105bp area.
  • ING-Diba (INTNED: Baa1 pos/A-/A+) guidance revised to MS+27bp +/-1bp (from MS+30bp), books >EUR1.3bn (for benchmark), books were >EUR1bn..

Mandates:

  • Alpha Services (ALPHA: Ba2 pos/B+ pos/BB- pos) EUR300m PerpNC6 AT1
  • Luminor Bank (LUMINO: A3) EUR300m WING 4NC3 senior preferred.
  • Moneta Bank (MONBNK: A2) EUR300m 6NC5 senior preferred.

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