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FINANCIALS: Nippon Life - New Issue - € 500m WNG 30NC10 Tier 2 - FV

FINANCIALS

Nippon Life - New Issue - € 500m WNG 30NC10 Tier 2

  • IPT: MS+200
  • FV: MS+190 - We think Nippon needs to come in line with AXASA's curve - which have 10 year extensions, instead of 20 for NIPLIF and AVLGR, although that seems to not matter a great deal for the higher rated insurers. AXASA and NIPLIF trade very close when you swap the USD SUBs into Z. NIPLIF should be well wide of ALVGR, given it is 2 notches higher rated (incidentally ALVGR trades similar in Z in USD and EUR.)
  • Exp. Ratings: A3/A-

 

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Nippon Life - New Issue - € 500m WNG 30NC10 Tier 2

  • IPT: MS+200
  • FV: MS+190 - We think Nippon needs to come in line with AXASA's curve - which have 10 year extensions, instead of 20 for NIPLIF and AVLGR, although that seems to not matter a great deal for the higher rated insurers. AXASA and NIPLIF trade very close when you swap the USD SUBs into Z. NIPLIF should be well wide of ALVGR, given it is 2 notches higher rated (incidentally ALVGR trades similar in Z in USD and EUR.)
  • Exp. Ratings: A3/A-