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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
Dekabank (DEKA: Aa1/A) is issuing senior preferred with IPT at MS+65bp area. We see fair value around MS+50bp area.
- DEKA is issuing EUR500m (WNG) 3yr senior preferred with IPT at MS+65bp area. Expected rating is Aa1/A.
- DEKA’s rating is split which makes comparisons a little tougher, and its senior pref at 2.4yrs is low coupon/cash price so likely distorted in spread terms. This should certainly price inside SocGen and more in line with Belfius and Nationwide. We’re not tempted to pull it all the way down to Erste’s curve, which the DEKA 3.25 ’29 might tempt us to do as that seems super tight, especially when Erste’s S&P rating is one better.
- We see fair value around MS+50bp 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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