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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FINANCIALS
Deutsche is issuing a benchmark senior non-preferred today with IPT at MS+185 area – we see fair value around MS+160bp (DBK GY).
- DBK is issuing a EUR1bn (WNG) 6NC5 senior non-preferred onto an already well-populated SNP curve for the bank. There’s a DB 5% ’30 streaming at c.154bp, this issue sits marginally further out, so we’d see a small premium for this issue today.
- There are plenty of low-coupon (low cash price) comparators on the curve, too, so the curve is slightly tighter than it would otherwise be, hence we do not see fair value being on the curve itself.
- We see fair value around MS+160bp.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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