June 04, 2024 11:15 GMT
Financials Primary: More Finalisations
FINANCIALS
More finalisations in financials, BBVA with some NIC and good cover, SAN cover looks weak, Coventry BS the opposite:
- BBVA (BBVA SM: Baa2 dev/BBB+/BBB+) final coupon is 6.875% (IPT was 7.375% area), our FV is 6.645%. Books are >EUR3.4bn for benchmark size.
- Santander (SANTAN: Baa1/A-/A-) final spread is UKT+135bp, IPT was MS+145bp area and books are >EUR700m (incl. JLMs) for benchmark size.
- Unicredit (UCGIM: Baa3/BBB-/BBB-) sizes are out and EUR1bn in each tranche.
- Coventry BS (COVBS: Baa3/BB+ for AT1) final terms are coupon of 8.75%, IPT was 9.375% area and books are >EUR4bn, so >6.6x covered.
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