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FINANCIALS: DNB Bank - New Issue - € B'mark 6NC5 Green SNP

FINANCIALS
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  • IPT MS+115
  • We see FV at MS+92
  • DNB Bonds have performed well coming into this new issue, the DNBNO 4.625% 2029 has outperformed its peers on the INTNED curve by around 10bps since the middle of October, to the tightest levels of the year. It will be interesting to see if the DNBNO curve can hold onto these levels, but it may lower the ultimate NIC in the new issue.
  • ING curve provides a good comparator. At a marginally lower rating. INTNED 0.875% 2030 is trading at z+98, although at a low price, the INTNED curve at 5years is at Z+104. The INTNED 2.5% 2030 is the only Green bond in the INTNED curve, and despite the slightly low price clearly trades with a Green premium of at least 5bps.
  • Expected ratings A2/A/NR

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  • IPT MS+115
  • We see FV at MS+92
  • DNB Bonds have performed well coming into this new issue, the DNBNO 4.625% 2029 has outperformed its peers on the INTNED curve by around 10bps since the middle of October, to the tightest levels of the year. It will be interesting to see if the DNBNO curve can hold onto these levels, but it may lower the ultimate NIC in the new issue.
  • ING curve provides a good comparator. At a marginally lower rating. INTNED 0.875% 2030 is trading at z+98, although at a low price, the INTNED curve at 5years is at Z+104. The INTNED 2.5% 2030 is the only Green bond in the INTNED curve, and despite the slightly low price clearly trades with a Green premium of at least 5bps.
  • Expected ratings A2/A/NR