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CREDIT SUPPLY: SMFG FV (EU500m WNG 7Y Green; A1/A-/A-)

CREDIT SUPPLY
  • IPT given at MS+135bps
  • We see FV around MS+105bps; noting several of the Japanese Sr Unsecured curves have bonds trading away from par in this segment of their curves.
  • SUMIBK last issued a EUR SUN in June 2023 in a EUR 600mn 7yr deal that tightened 20bps to price at MS+150bps with a cover of 2.2x.
  • The bond tightened by ~30bp vs. its benchmark over the following week compared to ~3bp for the BBG’s Senior Banks index. 

 

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  • IPT given at MS+135bps
  • We see FV around MS+105bps; noting several of the Japanese Sr Unsecured curves have bonds trading away from par in this segment of their curves.
  • SUMIBK last issued a EUR SUN in June 2023 in a EUR 600mn 7yr deal that tightened 20bps to price at MS+150bps with a cover of 2.2x.
  • The bond tightened by ~30bp vs. its benchmark over the following week compared to ~3bp for the BBG’s Senior Banks index.