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FINANCIALS: Danske - New Issue - Green Tier 2 - IPT MS+190

FINANCIALS
  • We see FV at MS+160. We think the best guide here is the recently issued SHBASS 3.625% 2036 , allowing for the slightly lower rating, we can build in a slightly steeper curve and get to our FV. While the SHBASS bond is also green, there doesn’t seem to be any premium, although green T2's do have a habit of getting expensive from time to time.
  • Expected Ratings - BBB+/A-

 

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  • We see FV at MS+160. We think the best guide here is the recently issued SHBASS 3.625% 2036 , allowing for the slightly lower rating, we can build in a slightly steeper curve and get to our FV. While the SHBASS bond is also green, there doesn’t seem to be any premium, although green T2's do have a habit of getting expensive from time to time.
  • Expected Ratings - BBB+/A-