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CREDIT SUPPLY

EUR Deals:

  • FINAL TERMS: Sabadell EU500m 10.25NC5.25 Tier 2 MS+240. IPT MS+270a. Books above EUR2bn (excl. JLMs).
  • FINAL TERMS: JPMorgan EUR2b 10NC9 MS+105. IPT MS+135a. Books > EUR5.25bn.
  • FINAL SPREAD: Morgan Stanley EUR Bmark Debt Offering in 3 Parts. EUR Benchmark 3NC2 FRN 3mE+65. IPT 3mE+95 area. EUR Benchmark 6NC5 Fxd-to-FRN at MS+100. IPT MS+130 area. EUR Benchmark 11NC10 Fxd-to-FRN at MS+125. IPT MS+160 area.
  • FINAL TERMS: Deutsche Post EU1b 12Y MS+85. Guidance MS+85-90, IPT MS+110-115. Books above EU2.85b: Leads.
  • FINAL TERMS: E.On. EU800m 8Y Fixed (March 25, 2032) at MS+90. Guidance MS+95 area, IPT MS+125 area. Books above EU2.9b: Leads. EU1b 20Y Green (March 25, 2044) at MS+150. Guidance MS+155-160, IPT MS+185-190. Books above EU4.9b: Leads.
  • IPT: Fnac Darty EU500m 5NC2 High 6%s.

Mandates:

  • Air Lease €benchmark 6Y.
  • MANDATE: Equinix €Benchmark 9Y Green Bond Investor Calls.
  • CBRE Global €Bmark 7Y or 10Y Green Bond Investor Calls.
  • NEW DEAL: ProGroup AG Min. EU600m Sr Sec; 5NC2, 7NC3.

Tenders:

  • Fnac Darty offers to purchase for cash its outstanding senior notes due 2024 and 2026.
  • We see FV at MS+75a.

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