Free Trial

CREDIT SUPPLY: Financials Finals: BoNZ OK, LAMON Underwhelming

CREDIT SUPPLY

More financials final terms coming out; BoNZ more positive, LAMON underwhelming:

  • Bank of New Zealand (BZLNZ: A1/AA-/A+) final terms at MS+83bp (we had FV at MS+85-90bp) so very tight and with 2x cover.
  • La Mondiale (LAMON: BBB+) final terms at 6.75% coupon (we had FV at 6.5%), books only “above EUR1.25bn” for EUR500m issue. Compared with Groupama yesterday (tighter and 5x covered) looks a little underwhelming.
     
64 words

To read the full story

Close

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.

More financials final terms coming out; BoNZ more positive, LAMON underwhelming:

  • Bank of New Zealand (BZLNZ: A1/AA-/A+) final terms at MS+83bp (we had FV at MS+85-90bp) so very tight and with 2x cover.
  • La Mondiale (LAMON: BBB+) final terms at 6.75% coupon (we had FV at 6.5%), books only “above EUR1.25bn” for EUR500m issue. Compared with Groupama yesterday (tighter and 5x covered) looks a little underwhelming.