Free Trial

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.
77 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.

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.