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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.
FINANCIALS
KBC issuing 8yr green senior unsecured this morning (KBC BB). We see fair value MS+100-105bp.
- IPT is MS+135 area. KBC’s senior unsecured curve is slightly skewed by a couple of older, low-margin issues at 6-7yr, so the comparable curve is marginally above that presented.
- We see the MS+97bp that KBCBB 4.375% 12/06/31 is showing at, as the floor, so view fair value around 100-105bp.
- Any significant greenium could see this tighten below our FV but recent experience hasn’t indicated these as being meaningful, we feel.
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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