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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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Macquarie Bank (MQGAU: A1/BBB+/A) is issuing green senior unsecured, we see fair value around MS+95-100bp area.
- MQG is issuing an expected EUR500m 5Y green fixed senior unsecured bond with IPT at MS+115bp area. Expected ratings are Aa2/A+/A+.
- MQG’s existing EUR curve is rated lower than this issue and does have a range of lower coupon issues. The adjacent MQGAU 4.7471% ’30 is rated A1/BBB+/A so a split rating but appears at least a couple of notches weaker than this issue.
- TD’s curve is closer to the rating of this issue, but we struggle to see this issue pricing through that curve, especially with that 4.7471% to attract interest. We see fair value around MS+95-100bp 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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