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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FINANCIALS
Permanent TSB is issuing EUR500m 6.25NC5.25 green senior unsecured with IPT at MS+195bp, we see fair value around MS+155-160bp.
- PTSB is issuing this EUR500m (WNG) green bond onto a spare senior unsecured curve with few comparators at the same rating (Baa2/nr/BBB-).
- Local peers AIB and BoI are rated a couple of notches better (see graphic), with Barclays a single notch better. The two Irish bank bonds at 3.5-4Y (AIB 4.625 and BKIR 4.625) are around 40bp or so tighter than the similar workout PTSB 6.625.
- The Barclays 4.918 is only one notch better rated at MS+130bp so fair value could be as low at MS+150bp. However, this would price it inside the PTSB 6.625 at longer duration. Considering this is a green issue, it may see better demand, so we feel fair value is around 155-160bp. It is notable that NICs have made a reappearance in the last few sessions so are wary of being too aggressive here.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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