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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.
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Moneta Money Bank (MONBNK: A2), the Czech retail business, is issue senior preferred today, we see fair value around MS+190bp area.
- Moneta is issuing EUR300m WNG 6NC5 senior preferred fixed with IPT at MS+250bp area. Expected rating is A3.
- Just sticking to curves at the same rating, there are a couple of emerging markets banks, including Tatra in neighbouring Slovakia that are in the same ratings bucket. The TATSK 4.971% ’30 is at slightly shorter workout and trades at MS+183bp, so we’d see that as a valuation floor, putting fair value around MS+190bp area, we feel.
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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