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FINANCIALS: Ibercaja - New Issue - €500m WNG 11.5NC6.5 Tier 2 - FV

FINANCIALS
Credit BulletsCEEMEAEurozoneSpainBullet
  • IPT: MS+220
  • FV: MS+205 - An interesting name that has had its struggles over the last 5 years but has recovered. Issuing this Tier 2 with only a Moody's rating who have them at IG, vs the existing tier 2, which is BB Pos/BB+ Stable. This means the best comp would be SABSM who are (Ba1 Pos/BB+ Pos/BBB-) and not a name like CABKSM, who we have included for context. The name trades up to 10bps side in Sr Pref space, and so we put this bonds 15-18bps wide of where we would put a similar maturity SABSM FV

  • Exp. Ratings: Baa3 (Moody's)

     

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  • IPT: MS+220
  • FV: MS+205 - An interesting name that has had its struggles over the last 5 years but has recovered. Issuing this Tier 2 with only a Moody's rating who have them at IG, vs the existing tier 2, which is BB Pos/BB+ Stable. This means the best comp would be SABSM who are (Ba1 Pos/BB+ Pos/BBB-) and not a name like CABKSM, who we have included for context. The name trades up to 10bps side in Sr Pref space, and so we put this bonds 15-18bps wide of where we would put a similar maturity SABSM FV

  • Exp. Ratings: Baa3 (Moody's)

     

  •