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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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Munich Re (MUNRE: A pos/A) is issuing Tier 2 debt; IPT is MS+200bp area, we see fair value at MS+160bp area.
- Munich Re is issuing EUR benchmark Tier 2 debt, 20NC10 with IPT at MS+200bp area with expected ratings of A/A.
- The insurer hasn’t tapped this market since Aug-21 so its curve is all older, low coupon issues. We note the reinsurers do appear to trade tighter than the major composites (Axa and Allianz) even with the latter at least one notch better rated.
- Using that HANRUE 5.875% as an anchor and, being happy to trade tight of ALVGR, we can see fair value as tight at MS+160bp area.
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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