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Piraeus EUR Bmk Sr Pref Issue: We See Fair Value Around 4.95%


Piraeus Bank is issuing EUR benchmark 6NC5 senior preferred with IPT at 5.25% area – we see fair value around 4.95%. (TPEIR GA)

  • Using 5Y swap spread streaming at 2.76%, that IPT translates to MS+249bp.
  • Alpha trades a little tight of Piraeus across the curve but the immediately adjacent (ALPHA 5%) is actually pretty comparable to TPEIR 6.75% (at MS+212bp) so we feel this issue’s fair value could be as tight at MS+220bp area. This translates back to a yield FV of 4.96%, we round to 4.95%.

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