EU CREDIT SUPPLY: Verallia: Guidance
Nov-06 12:08
(VRLAFP; Baa3neg/BBB-neg/NR)
- MNI FV: MS+125a, MS+155a.
- Guidance: EU350m 4Y MS+140, EUR500m 8Y MS+200a (market sources).
- IPT: MS+175a, MS+225a.
- Books above EUR1.8bn, EUR1.8bn.
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STIR: Repo Reference Rates
Oct-07 12:05
- Secured Overnight Financing Rate (SOFR): 4.15% (-0.03), volume: $2.981T
- Broad General Collateral Rate (BGCR): 4.13% (-0.03), volume: $1.181T
- Tri-Party General Collateral Rate (TCR): 4.13% (-0.03), volume: $1.147T
- (rate, volume levels reflect prior session)
GILTS: GF6 90.00/91.00/93.00/94.00 Call Condor Lifted
Oct-07 12:02
GF6 90.00/91.00/93.00/94.00 call condor paper paid 22.5 on 1.5K.
EU-BOND SYNDICATION: 2.75% Dec-32 / New 15-year Dec-40 EU-bond: Allocations
Oct-07 12:00
2.75% Dec-32 EU-bond
- Spread set at MS + 34bps (guidance was MS + 36bps area)
- Size: E5bln - in line with initial guidance (MNI expected E4-5bln)
- Final books in excess of E96bln (inc E7bln JLM interest)
- HR 105% vs 1.70% Aug-32 Bund
New 15-year Dec-2040
- Spread set at MS + 75bps (guidance wasMS + 77bps area
- Size: E6bln - up from initial E5bln guidance (MNI expects E5-6bln)
- Final books in excess of E79bln (inc E6.75bln JLM interest)
- HR 98% vs 2.60% May-41 Bund
- ISIN: EU000A4EJF17
- Coupon: Long first
- Maturity: 12 December 2040
For both:
- JLMs: BNP Paribas, Citi, Deutsche Bank, DZ BANK and Santander
- Settlement: 14 October 2025 (T+5)
- Timing: Hedge ratio 13:20BST / 14:20CET
From market source / MNI colour
