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CREDIT SUPPLY: NatWest Green Sr Unsec Issue: We See Fair Value MS+155bp Area

CREDIT SUPPLY

NatWest (NWG: A3/BBB+/A) raising senior unsecured green debt today. We see fair value around MS+115bp.

  • NatWest is raising EUR750m 7NC6 green senior unsecured debt today with IPT at MS+140bp area. Expected ratings: A3/BBB+/A.
  • Much as NWG’s two closest bonds are older, low coupon issues, the whole curve isn’t far from that of StanChart (and consistently wide of Lloyds) so we see fair value around MS+115bp.

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