September 26, 2024 07:04 GMT
CREDIT SUPPLY: Lloyds (Baa3/BB-/BBB-): $ PerpNC7 FV 6.625%
CREDIT SUPPLY
- IPT: $BMK PerpNC7 @ 7.125%
- We see FV 6.625%
- 7.125% = G+ 350
- LLOYDS 8% Call29 trades G+285
- Recently issued INTNED 8% (5.6yr) G+285 INTNED 7.25% (10.1yr) G+300
- Curve of 3.3bps per year gives G+292 (or yield 6.56%) with a slight discount for the new issue to get 6.625%
Source MNI, Bloomberg
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