November 20, 2024 09:30 GMT
FINANCIALS: De Volksbank - New Issue - €500m WNG 11NC6 Green Tier 2 - IPT MS+215
FINANCIALS
- We see FV at MS+185, in line with the similarly rated BBVA and BPCE curves. The BBVA 4.875% 2036 is an ideal comp. DEVOBA normally trades a few bps back from BBVA, but allowing some green premium could let the two bonds sit very close together over time.
- Expected ratings Baa2/nr/BBB
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