Free Trial
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
SEB (SEBA SS) Tier 2 note issue, we see FV as tight as MS+185a.
- There are only very limited Tier 2 instruments out for the Swedish peers for comparison purposes. Nordea is a rather different animal and Swedbank only has one T2 outstanding, so we feel the guidance from the Handelsbanken (SHBA) curve to be better (see graphic).
- SHBA’s 3.25% ’33 bond trades about 10bp tighter than SEB’s 5% with similar workout (SHBA is one notch higher rated). There is another SHBA out at a similar workout point to this issue which trades around 175bp, so we see FV for this issue around MS+185a.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok