February 05, 2025 09:51 GMT
FINANCIALS: Mizuho - New Issue - €B'mark 8.25NC7.25 fix to float - FV
FINANCIALS
- IPT: MS+135
- FV: MS+105 - on the px adjusted curve. Most of Mizuho's bonds trade below par, adjusting for this would put the curve slightly higher and very close to our FV. In this context the MIZUHO 4.029% 2032 looks to be trading quite expensive.
- Exp. Ratings: A1/A- (Moody's/Fitch)
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