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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.
FINANCIALS
Lloyds Banking is issuing a benchmark GBP senior unsecured today with IPT at UKT+165bp area. We see fair value at UKT+135-140bp area (LLOY LN).
- Lloyds (A3/BBB+/A) is issuing this 6.5NC5.5 senior unsecured with IPT at UKT+165bp area. Lloyds only has two similar bonds outstanding but NatWest (similarly-rated) is a fuller curve. 5.5yr swap is c.3.80% and the reference UKT (0.875% Oct-20) yields 3.78% so the IPT z-spread is MS+162bp.
- We see fair value around MS+140bp, at least in part due to the NWG 3.619 streaming at +140bp but for a lower coupon than this will be issued with. This then translates back to UKT+138bp.
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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