EU FINANCIALS: Caixabank - New Issue - 12NC7 Tier 2 - FV
Feb-27 09:25
- IPT: MS+205
- FV: MS+175 - 5bps wide of CABKSM 4.375% 2036 - 3bps wide of BBVASM 4% 2037 - CABKSM curve has compressed to almost on top of the BBVA curve despite the 1 notch lower rating at each agency.
- Exp. Ratings: Baa3/BBB-/BBB
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EGBS: Most Spreads To Bunds A Touch Tighter As Equities Rally, DSLs Lag
Jan-28 09:23
Most EGBs are marginally tighter vs. Bunds this morning (less than 1bp), with an uptick in European equities helping that move
- Dutch paper the exception, following some pre-DSL auction concession (~0.5bp wider last).
- OAT/Bunds last 73.5bp with November closing lows at ~73bp eyed. A break below there would expose 71.6bp, which protects the psychological 70bp mark.
- French fiscal and political risks continue to limit further tightening pressure at this juncture, with headline cues on that front set to become more prominent in the coming days/weeks.
- BTP/Bunds holds around 110bp, with cycle closing lows at 106.4bp presenting the next downside target.
- Impact of supply from Italy and the Austrian long end syndication eyed for short-term cues.
EQUITIES: Barcalys Risk Reversal
Jan-28 09:19
Single stock Bank Option, Barclays. Suggest a Risk reversal.
- BARC (18/12/26) 260/300 combo, bought the call for 11 in 4k
DUTCH AUCTION RESULTS: 2.50% Jan-30 DSL
Jan-28 09:08
| 2.50% Jan-30 DSL | Previous | |
| ISIN | NL0015001DQ7 | |
| Amount | E2.45bln | E2.05bln |
| Avg yield | 2.493% | 2.481% |
| Avg Price | 100.03 | 100.10 |
| Pre-auction mid | 99.989 | 100.068 |
| Previous date | 12-Mar-24 |
