September 05, 2024 08:12 GMT
CREDIT SUPPLY: ISPIM Sr Non-Pref Issue: We See FV Around MS+140bp Area
CREDIT SUPPLY
Intesa (ISPIM: Baa3/BBB-/BBB-) is issuing senior non-preferred today, we see fair value around MS+140bp area.
- Intesa is issuing EUR benchmark 8NC7 fixed senior non-preferred with IPT at MS+180bp area. Expected ratings are Baa3/BBB-/BBB-.
- Intesa has a well populated curve that trades marginally tight of local peer Unicredit. The closest ISPIM bond is a low price bond (ISPIM 1.35% ’31) so seeing this issue right at the intercept is likely too tight, so we see fair value around MS+140bp area.
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