EUR Financials Primary Wrap: Nine Issuers In Market

Lots of EUR primary in financials across the credit stack already this morning with three covered issuers in the market, too:

• Intesa (ISPIM: Baa3/BBB-/BBB-) issuing EUR benchmark AT1 – IPT is 7.5% area, we see fair value 7.25-7.30% area coupon.
• HSBC (HSBC: A3/A-/A+) issuing a benchmark senior unsecured 5NC4 with IPT at MS+115bp area.
• Arion (ARION: A3) is tendering for EUR300m of 4.875% green notes and issuing EUR300m WNG 4.5Y senior pref debt with IPT at MS+220bp.
• AIB Group (AIB: A3 pos/BBB) is tendering for EUR500m of ’29 sub notes and issuing EUR650m WNG Tier 2 green debt with IPT at MS+225bp area.
• ANZ (ANZ: Aa2/AA-/A+) is issuing senior unsecured 3Y FRN with IPT at 3mE+65-70bp.
• Munich Re (MUNRE: A pos/A) is issuing Tier 2 benchmark 20NC10 with IPT at MS+200bp area.
• Covered bond issuance:
  • BPCE SFH (BPCECB: covereds Aaa/AAA) issuing a benchmark 10Y green covered bond with IPT at MS+44bp area.
  • UBS Switzerland (UBS: covereds AAA) in covered bond world with a two-tranche: short 3Y FRN with IPT at 3mE+28bp area and 7Y fixed at MS+43bp (both benchmark).
  • Santander UK (SANUK: covereds AAA) also issuing two tranches: 3Y FRN with IPT at 3mE+25bp area and a 7Y fixed at MS+40bp (both benchmark).