January 16, 2025 09:21 GMT
FINANCIALS: Santander - New Issue £ Bmark 6NC5 Sr Non-Pref - FV
FINANCIALS
Santander - New Issue £ Bmark 6NC5 Sr Non-Pref
- IPT: UKT+140 (UKT 0.375% 10/22/2030
- FV: UKT+115 - Fair Value for a bullet would be 133 Z - which is UKT +110. We put our FV 5bps back to account for the NC structure. In the UK the NC's can trade very close to bullets - as with BACR curve - but nonetheless we think 5bps is a fair amount of compensation for the issuers optionality.
- Exp. Ratings: Baa1/A-/A-
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