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CREDIT SUPPLY: NYKRE SNP; We See FV Around MS+115bp Area

CREDIT SUPPLY
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Nykredit (NYKRE: BBB+/A) is issuing senior non-preferred. We see fair value around MS+115bp area.

  • Nykredit is issuing EUR benchmark short 7yr (6.8yr) fixed senior non-preferred with IPT at MS+145bp area. Expected ratings are BBB+/A.
  • NYKRE trades tight with local peer Danske, so we can see good extension to this workout point. The adjacent DANBNK 3.875% ’32 trades at MS+113bp; this issue is 0.5yrs longer but on a fairly flat curve (and DANBNK is BBB+/A+) so we can see fair value around MS+115bp area.
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Nykredit (NYKRE: BBB+/A) is issuing senior non-preferred. We see fair value around MS+115bp area.

  • Nykredit is issuing EUR benchmark short 7yr (6.8yr) fixed senior non-preferred with IPT at MS+145bp area. Expected ratings are BBB+/A.
  • NYKRE trades tight with local peer Danske, so we can see good extension to this workout point. The adjacent DANBNK 3.875% ’32 trades at MS+113bp; this issue is 0.5yrs longer but on a fairly flat curve (and DANBNK is BBB+/A+) so we can see fair value around MS+115bp area.