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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.
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La Mondiale (LAMON: BBB+) is issuing RT1 and we see fair value around 6.5% area.
- LAMON is issuing EUR500m (WNG) PerpNC10 RT1 with IPT at 7% area. Expected ratings: BBB. This equates to MS+422bp.
- Groupama (CCAMA: BBB+) issued at the same maturity yesterday which priced at 6.5% from the same IPT and with the same rating. Books were more than 5x covered for that EUR600m issue.
- RT1 remains a relatively immature market but, looking at the French and Dutch issuers at similar ratings, there’s a sensible pattern and with that datapoint yesterday, we struggle to see fair value being much different to Groupama. We see fair value around MS+375bp area, equating to around 6.5%.
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.
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