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CREDIT SUPPLY: Mizuho Final Spreads; Small NICs, Books Appear Strong

CREDIT SUPPLY

Mizuho (MIZUHO: A1/A-) final spreads both show small NIC to MNI fair values, books EUR4.75bn in aggregate, nearly 5x cover for shorter tranche.

  • EUR benchmark 10Y, set at MS+130bp, we had fair value MS+125bpa. Books above EUR2.35bn.
  • EUR500m 6NC5, set at MS+100bp, we had fair value at MS+95bpa. Books above EUR2.4bn.

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