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FINANCIALS
Swedbank (SWEDA SS) also tapping USD senior non-preferred market today – we see IPT of +155bp tightening towards +120bp.
- Swedbank’s USD curve (well, two points – see graphic) trades close to Rabobank, even inside at higher coupons. Rabobank intersects 5Y at +122bp so we see pricing around +120bp.
- Using a Z-spread interpolation (similar basis) and immunising for the 5Y USD swap spread leads to a very similar area, as a sense check.
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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