April 23, 2024 09:04 GMT
Eurobank Sr Pref Issue: We See Fair Value At 4.75-4.85% Area
FINANCIALS
Eurobank is issuing a benchmark EUR 7NC6 senior preferred with IPT at 5.25% area – we see fair value around 4.75-4.85% area.
- Eurobank is issuing senior preferred, rated Ba1. Alpha and Piraeus are rated Ba2 (one notch weaker) so fair value should be tight of those two lines but still with a good term premium over the EUROB 5.875 at 4.5Y workout. This is at MS+169bp now.
- We see fair value at MS+190-200bp which translates back to 4.75-4.85% area.
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