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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.
CREDIT SUPPLY
National Australia (NAB: Aa2/AA-/AA-) is issuing EUR green debt; we see fair value around MS+65-70bp area.
- NAB is issuing EUR benchmark 5.5Y green senior unsecured debt with IPT at MS+95bp area. Expected ratings are: Aa2/AA-.
- 3Q24 results were 15-Aug and appeared mixed with headlines broadly in line but indications that asset quality continues to decline. The equity is a little higher since, indicating the news was, perhaps, less bad than feared.
- Westpac tends to trade wide of NAB (ignoring the WSTP 0.875%) which leaves the WSTP 3.799% at a similar workout as a quandary here. If we use the NAB 1.375% and assume 10bp p.a. term premium, we see a fair value around MS+65-70bp area. This does leave our FV wide of that WSTP 3.799% but it simply appears too rich relative to even its own peers, 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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