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CREDIT SUPPLY: TPEIR Tier 2 Issue; We See FV Around MS+295-300bp Area

CREDIT SUPPLY
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Piraeus (TPEIR: Ba2 pos/B+/BB pos) is issuing Tier 2 sub debt, we see fair value around MS+295-300bp area.

  • TPEIR is issuing EUR benchmark 11NC6 Tier 2 variable sub debt with IPT at MS+340bp area. Expected rating is Ba3.
  • TPEIR issued the TPEIR 7.25% (4.4yr workout) in Jan-24 and this trades around 20bp wide of MONTE’s curve. Using similar logic would put this issue’s fair value around MS+295-300bp area.
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Piraeus (TPEIR: Ba2 pos/B+/BB pos) is issuing Tier 2 sub debt, we see fair value around MS+295-300bp area.

  • TPEIR is issuing EUR benchmark 11NC6 Tier 2 variable sub debt with IPT at MS+340bp area. Expected rating is Ba3.
  • TPEIR issued the TPEIR 7.25% (4.4yr workout) in Jan-24 and this trades around 20bp wide of MONTE’s curve. Using similar logic would put this issue’s fair value around MS+295-300bp area.