EU FINANCIALS: BKS Bank €250m WNG Sr Pref - FV
Jun-04 07:43
- IPT: MS+180
- FV: MS+150 - The best comp is KA - which has a slightly weaker balance sheet, reflected by the 1 notch lower rating at S&P. It would probably issue at MS+165, creating a ceiling for spreads. We think both the higher rating and expected capital build can get BKS 15bps inside this.
- For context this is c25-30 bps wide of larger & more retail focussed banks ABANCA and NOVBNC and 10bps wide of Islandic banks, which are higher rated, but small and still trade wide for their ratings.
- Exp. Ratings: BBB+ (S&P)
Our note on Monday contained a brief summary of fundamentals - https://mni.marketnews.com/3ZI1eVi
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AUD: Best performer within G10s
May-05 07:14
- While just off its best level, the AUD is still the best performer against the Dollar within G10 Currencies, the Aussie has extended through the 2025 high on Friday and has found a boost following Albanese's win over the Weekend.
- Tariffs risks are still the major concern, but some of the continuity in Policy could be seen as supportive at least short Term.
- Next resistance in AUDUSD comes at 0.6528 High Nov 29 ‘24, and upside traction could be on the card, although Trade risks are at the forefront.
SILVER TECHS: Trend Structure Remains Bullish
May-05 07:08
- RES 4: $36.000 - Round number resistance
- RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 2: $34.590 - High Mar 28
- RES 1: $33.686 - High Apr 25
- PRICE: $32.385 @ 08:07 BST May 5
- SUP 1: $31.668 - Low May 2
- SUP 2: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
- SUP 3: $27.686 - Low Sep 6 ‘24
- SUP 4: $27.180 - Low Aug 14 ‘24
A strong rally in Silver on Apr 23 reinforced the current bullish theme. This suggests the latest pullback that started Apr 25, is a correction. Price has traded below support at $322.443, the 50-day EMA. A continuation lower would highlight scope for a deeper retracement and open $30.915, the Apr 11 low. For bulls, resistance to watch is $33.686, the Apr 24 high. Clearance of this level would confirm a resumption of the latest uptrend.
EURIBOR OPTIONS: Put Condor
May-05 07:03
ERU5 98.50/98.37/98.25/98.00p condor, bought for flat in 6.2k.
