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CREDIT SUPPLY: MQGAU Green Sr Unsec; We See FV Around MS+95-100bp Area

CREDIT SUPPLY
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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.
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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.