Free Trial

SES (SESGFP hyb : Ba2/BB+): New Issue FV

CREDIT SUPPLY
  • IPT: NC5.25 6.125%a; FV 5.875%a
  • IPT: NC8 6.5%a; FV 6.25%a
  • 5yr Senior SESGFP trades z+155
  • Sub-Senior for VOD, BRITEL, TELEFO is in the 160-180 range.
  • BAYNGR 180-200 as a riskier name.
  • 5yr EUSA5 = 2.41%
  • I would like to see Sub_Snr +190 which puts FV 5.87% for the NC5.25
  • TELEFO and VOD have Hybrid curves around 10bps per year in yield.+0.375% for 2.75yrs is OK for SESGP
  • That puts NC8 FV 6.25%
All that said, this can be a volatile name.

To read the full story

Close

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.