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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.
CREDIT SUPPLY
Lloyds Banking (LLOYDS: A3/BBB+/A) issuing green senior unsecured today, we see fair value at MS+90bp area.
- Lloyds is issuing EUR benchmark 6.25NC5.25 green senior unsecured bonds with IPT at MS+125bp. Benchmark is OBL 2.1% 2029.
- Lloyds 2Q24 results (25-Jul) were good with a pre-tax beat driven by loan loss write-backs, coupled with improved FY24 loan loss guidance.
- Lloyds already has a pretty well developed senior unsecured curve and the LLOYDS 3.125% ’30 is very adjacent to this workout and is streaming at MS+88bp. We can see fair value for this issue coming around MS+90bp area.
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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