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Financials On Friday: No Rest Tor The Popular

FINANCIALS
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Considering the macro blockers to primary (central bank meetings, mainly), a very busy week for financials primary which highlighted strong investor appetite across the capital stack. Two big central bank credit surveys were out which were (marginally) positive and 1Q24 reporting has kicked off with JPMorgan and Citigroup.


  • Primary: a very busy week in financials primary with tight spreads, good post-issue performance and solid demand (see graphic).
    • New issue concessions: fair value is, obviously, subjective but, on our FVs, there’s been limited NIC this week (BBG NICs aren’t out yet in most cases) with an average of just 2.9bp. Atradius’s T2 was the high (+10bp) but a range priced through our valuation. Demand is still, evidently, strong.
    • Performance since has been, aside from one case, positive. CMZB’s issue is a couple of basis points wider but, for investors in the remainder, it’s been a good week with average uplifts of 4.2bp.
    • Volume: a relatively heavy week (we’ll have full stats in tomorrow’s weekly) yet cover remained strong at 2.3x average with some real highpoints amongst the subordinated issues. Another reflection of strong demand.

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Considering the macro blockers to primary (central bank meetings, mainly), a very busy week for financials primary which highlighted strong investor appetite across the capital stack. Two big central bank credit surveys were out which were (marginally) positive and 1Q24 reporting has kicked off with JPMorgan and Citigroup.


  • Primary: a very busy week in financials primary with tight spreads, good post-issue performance and solid demand (see graphic).
    • New issue concessions: fair value is, obviously, subjective but, on our FVs, there’s been limited NIC this week (BBG NICs aren’t out yet in most cases) with an average of just 2.9bp. Atradius’s T2 was the high (+10bp) but a range priced through our valuation. Demand is still, evidently, strong.
    • Performance since has been, aside from one case, positive. CMZB’s issue is a couple of basis points wider but, for investors in the remainder, it’s been a good week with average uplifts of 4.2bp.
    • Volume: a relatively heavy week (we’ll have full stats in tomorrow’s weekly) yet cover remained strong at 2.3x average with some real highpoints amongst the subordinated issues. Another reflection of strong demand.

Keep reading...Show less