September 30, 2024 09:04 GMT
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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