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CREDIT SUPPLY: UCAJLN Sr Pref Issue: We See FV Around MS+105-110bp Area

CREDIT SUPPLY
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Unicaja Banco (UCAJLN: BBB- pos) is issuing green senior preferred; we see fair value around MS+105-110bp area.

  • UCAJLN is issuing EUR300m WNG 5NC4 green senior preferred with IPT at MS+140bp area. Expected rating is BBB-.
  • The issuer already has one senior preferred bond at 3.5yr workout and MS+105bp, so that feels like a valuation floor, in our view. Sabadell and BPM are both better-rated but do show there’s some extension premium at this workout, so we see fair value around MS+105-110bp area.
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Unicaja Banco (UCAJLN: BBB- pos) is issuing green senior preferred; we see fair value around MS+105-110bp area.

  • UCAJLN is issuing EUR300m WNG 5NC4 green senior preferred with IPT at MS+140bp area. Expected rating is BBB-.
  • The issuer already has one senior preferred bond at 3.5yr workout and MS+105bp, so that feels like a valuation floor, in our view. Sabadell and BPM are both better-rated but do show there’s some extension premium at this workout, so we see fair value around MS+105-110bp area.