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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.
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- IPT: Groupama Exp. €500m PerpNC10 RT1 7% Area.
- Groupama only has Tier2 outstanding with bullet / 3m call structures which limits RV comparisons.
- The RT1 comp space is quite limited, but we would put FV somewhere between ACHMEA 4.625 (NR/BB+/BBB) and the recent NNGRNV (NR/BBB-/BBB+). Closer to ACHMEA would make sense given the rating, although that bond has a low coupon. CCAMA is one notch better rated at the senior level.
- On balance we see FV at 6.5-6.625%.
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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