January 15, 2025 08:37 GMT
FINANCIALS: Novo Banco - New Issue - €500m WNG Sr Pref - FV
FINANCIALS
- IPT: MS+135
- FV: MS+110 - By extrapolating the NOVBNC curve along the shape as the BCPPL curve, FV looks to be MS+105. Although recent improvements and good results for NOVBNC has resulted in them trading through BCP - having trade 25-30bps back at the 3year level before the previous set of results. With a larger business and a stronger rating, we think NOVBNC more appropriately trades slightly wide of NCPPL, which has a better rating a Moody's and positive outlooks at all three agencies.
- Exp. Ratings: Baa2/NR/BBB
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