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CREDIT SUPPLY: RZBBAU Final Terms: MS+55bp, 5bp NIC To Our FV, 3.7x Covered

CREDIT SUPPLY

Raiffeisen Bausparkasse (RZBBAU: A1) final terms at MS+55bp, with books above EUR1.1bn (ex-JLMs), so 3.7x covered and 5bp NIC to our fair value.

  • Initial guidance was MS+65bp, revised to MS+57bp area (+/- 2bp), so priced well and covered reasonably. We have fair value at MS+50bp area for the relatively new issuer.

“FINAL TERMS: Raiffeisen Bausparkasse €300m 5Y Covered MS+55” - BBG

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