January 16, 2025 08:43 GMT
FINANCIALS: Nykredit - New Issue € B'mark Sr Non-pref 2Y FRN & 5.5Y - FV
FINANCIALS
Nykredit - New Issue € B'mark Sr Non-pref 2Y FRN & 5.5Y
5.5Y
- IPT: MS+155
- FV: MS+122 - On the curve
- Exp. Ratings: BBB+/A+ (S&P/Fitch)
2Y FRN
- IPT: ME+90
- FV: MS+55 - this is just wide of the slightly higher rated NWG curve. NYKRE previous 2Y FRN came at MS+60. We think given the current market MS+50 might be achievable, but given the higher rated DANBK came yesterday at MS+48 (admitted at 3y), we think a little back of this is appropriate.
- Exp. Ratings: BBB+/A+ (S&P/Fitch)
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