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CREDIT SUPPLY: UBS Covered Issue; We See FV Around MS+26bp Area

CREDIT SUPPLY

UBS (UBS: A3 develop/A-/A) in the market with a covered issue today. We see fair value around MS+26bp area.

  • UBS is issuing EUR benchmark 3yr covered fixed with guidance at MS+31bp area. Expected rating is AAA.
  • UBS has a reasonable curve covering this duration but there are few other Swiss comparators. We see fair value coming around MS+26bp area.
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UBS (UBS: A3 develop/A-/A) in the market with a covered issue today. We see fair value around MS+26bp area.

  • UBS is issuing EUR benchmark 3yr covered fixed with guidance at MS+31bp area. Expected rating is AAA.
  • UBS has a reasonable curve covering this duration but there are few other Swiss comparators. We see fair value coming around MS+26bp area.