May 15, 2024 14:28 GMT
NordLB Pricing Just Above Our Fair Value Range
CREDIT SUPPLY
FINAL TERMS: NordLB €500m 10.25NC5.25 Tier 2 MS+295
- From IPT at MS+325bp
- Books above EUR1.5bn
- NordLB we had FV at MS+270-290bp area so remained wide of BYLAN's close comp (BYLAN 7 01/05/34 Corp) and only just inside the nearby VolksbankWien (VOWIBA 5 ¾ 06/21/34 Corp), latter being one notch weaker-rated. Some evidence of NIC, finally!
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