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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
Piraeus Bank (TPEIR: Ba2 pos/B+/BB- pos) is issuing green senior preferred – we see fair value around 4.6% area.
- Piraeus is issuing EUR benchmark 5NC4 green senior preferred with IPT at 5% area. Expected rating: Baa3. This equates to MS+209bp.
- Piraeus last issued on senior preferred on 9-Apr, a 6NC5 which priced at 5% or MS+224.5bp, which is streaming (BVAL) around 10bp tighter now. Separately, the Greek state has exited its position in the equity and mgmt recently (5-Jun) lifted its guidance for 2024.
- Piraeus and Alpha trade relatively tight to each other with well populated curves so we can see fair value for this as tight as MS+170bp area, or 4.6% 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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