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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
Banca Sella (BNSELL: Ba3/BBB) selling a its inaugural covered bond today, we see fair value around MS+58-60bp area.
- Banca Sella is issuing an expected EUR400m long 4yr (4.3yr) covered fixed with IPT at MS+68bp area. Expected rating is Aa3.
- Banco BPM has a similar geographic base to Sella and a well populated covered curve, also rated at Aa3, so we’d have looked at this plus a small premium for novelty. However, it’s also notable that BP Sondrio has two bonds (rated one notch higher) at similar workout points trading around MS+59bp, so these act as a valuation floor, in our view. Recent tight issuance means we feel fair value could be around MS+58-60bp area.
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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