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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.
CREDIT SUPPLY
Novo Banco (NOVBNC: Baa1/BBB-) is issuing sr pref, we see fair value around MS+105bp area.
- NOVBNC is issuing EUR500m WNG 4.5NC3.5 senior preferred fixed-to-FRN with IPT at MS+130bp area. Expected ratings are: Baa3/BBB-.
- Novo Banco is the entity that emerged from the rescue of Banco Espirito Santo and is a top 4 bank in Portugal and still majority owned by Lone Star.
- Novo only has one senior pref to price from, the 4.25% 2028 at MS+100bp and 1yr shorter workout. Similarly rated peers only have about 5bp p.a. extension premium so we can see fair value here as tight as MS+105bp 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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