June 04, 2024 07:39 GMT
UCGIM SNP Issuance: We See FV On 4NC3 At MS+80bp, 10Y At MS+145bp.
CREDIT SUPPLY
Unicredit (UCGIM: Baa3/BBB-/BBB-) is issuing a benchmark senior non-preferred dual-tranche today. We see fair value on the 4NC3 at MS+80bp and the 10Y at MS+145bp.
- Unicredit is raising EUR benchmark 4NC3 with IPT at MS+120bp area and a EUR benchmark 10Y bullet with IPT at MS+180bp area. Expected ratings: Baa3/BBB-/BBB-.
- Unicredit is under some pressure from regulators over its position in Russia, from where it has been upstreaming dividends but 1Q24 results (on 7-May) were positive with a small upgrade to FY24 guidance alongside solid credit metrics.
- Unicredit, Intesa and Sabadell are all similarly-rated with well populated SNP curves. We see fair value on the 4NC3 at MS+80bp and the 10Y at MS+145bp.
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