FINANCIALS: Luminor - New Issue - €150 WNG Perp NC6.5 AT1 - FV

Feb-05 10:18
  • IPT 7.75%
  • FV: 7.25%
  • We consider the small size and high quality and good operational results of this banks sheet with the geopolitical risk of being located <200 miles to St Petersburg
  • With a similar rating, DB trades around 6.6% at this workout date, although one could argue it screens attractive for its rating.
  • Tough to gauge much info from the Sr Pref differential here - it trades 90bps back from DB
  • Turkey's recently issued B- rated ISCTR 9 ⅛ PERP is trading at 6.05% XCCY
  • Exp. Ratings: Ba2 (Moody's).

 

Historical bullets

US TSY FLOWS: Block trade

Jan-06 10:16

10yr Block trade suggest buyer:

  • TYH5 5k at 108.15.

US TSY FLOWS: Bouncing off the lows

Jan-06 10:09
  • Some order related bid in Treasuries helps the strip off its low with a pick up in Volumes as we slowly head into the US session.
  • TY is bought in 7k, FV 6k and US 2k, all cumulative volumes, but futures contract remain well within the European ranges.

EURIBOR: EURIBOR FIX - 06/01/25

Jan-06 10:03

EURIBOR FIX - EMMI/Bloomberg

  • EUR001W 2.8980 -0.0030
  • EUR001M 2.8350 0.0430
  • EUR003M 2.7570 0.0260
  • EUR006M 2.5850 0.0310
  • EUR012M 2.4870 0.0390