MNI BRIEF: China Q2 GDP Impacted By Bad Weather - NBS

MNI China Press Digest July 15: Consumption, Exports, FDI

MNI: PBOC Conducts CNY100 Bln Via 1Y MLF; Rates Unchanged

CHINA PBOC CONDUCTS CNY129 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1313 Mon; -1.35% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1313 MON VS 7.1315

Industrial Production Fell Less Than Expected

MNI: EUROZONE MAY IP -0.6% M/M, -2.9% Y/Y

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Werfen (WERFEN; NR, BBB- S, BBB- Pos) Private co Final Terms

HEALTHCARE
Credit BulletsBulletHomepagemarkets-real-timeCredit
  • Werfen 31s have come in another 10bps since pricing 7bps through our FV (which was largely based on existing 28s - do trade). Now at MS+138, yet 28s are unchanged at MS+120 (workout is 2yrs shorter). Hard to point to yield buying - they trade flat at 4.25-4.3%.
  • 28s screen firmly the cheaper option here.
As a aside a private co doing well in primary is reassuring for La Doria - looks like its coming unrated as well - BEL29s 30bps in from pricing now & total 80 in from IPT - might be getting a neighbour (likely to the north on initial glance) - FV to follow.

116 words

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.
  • Werfen 31s have come in another 10bps since pricing 7bps through our FV (which was largely based on existing 28s - do trade). Now at MS+138, yet 28s are unchanged at MS+120 (workout is 2yrs shorter). Hard to point to yield buying - they trade flat at 4.25-4.3%.
  • 28s screen firmly the cheaper option here.
As a aside a private co doing well in primary is reassuring for La Doria - looks like its coming unrated as well - BEL29s 30bps in from pricing now & total 80 in from IPT - might be getting a neighbour (likely to the north on initial glance) - FV to follow.