CREDIT SUPPLY: Engie Fair Value
Last updated at:Feb-29 12:59By: Niall Madigan
- We see FV on the Engie bonds at MS+97.5a, MS+125a, MS+155a.
- Don’t see much scope for greenium given the number of green bonds already issued
- Engie last came to the market on 29 Nov for a two part 3Y Vanilla & 10Y Green that tightened 29.5bp/32.5bp from IPT to give NIPs of ~5bp for both with covers of 3x and 2.66x.
- See below table for 2023 issuance stats.
| Ticker | Tap Ind | Initial Pricing Date | Curncy | Amt Issued (mn) | Tenor | Tightening From IPT | Spread Against | Launch Spread | Current Spread | Difference | Cover |
| ENGIFP 3 5/8 01/11/30 | Y | 04/01/2023 | EUR | 1100 | 7.0 | 35 | MS | 85 | 84.99 | -0.01 | 1.80 |
| ENGIFP 4 01/11/35 | Y | 04/01/2023 | EUR | 1175 | 12.0 | 33 | MS | 122 | 124.24 | 2.24 | 1.75 |
| ENGIFP 4 1/4 01/11/43 | N | 04/01/2023 | EUR | 750 | 20.0 | 40 | MS | 170 | 151.71 | -18.29 | 3.60 |
| ENGIFP 5 5/8 04/03/53 | N | 27/03/2023 | GBP | 650 | 30.0 | 20.5 | B | 187 | 105.17 | -81.83 | 2.08 |
| ENGIFP 3 3/4 09/06/27 | N | 30/08/2023 | EUR | 500 | 4.0 | 15 | MS | 55 | 58.85 | 3.85 | 2.00 |
| ENGIFP 3 7/8 01/06/31 | N | 30/08/2023 | EUR | 800 | 7.3 | 25 | MS | 85 | 97.16 | 12.16 | 1.63 |
| ENGIFP 4 1/4 09/06/34 | N | 30/08/2023 | EUR | 800 | 11.0 | 20 | MS | 115 | 119.39 | 4.39 | 2.00 |
| ENGIFP 4 1/2 09/06/42 | N | 30/08/2023 | EUR | 900 | 19.0 | 25 | MS | 155 | 149.12 | -5.88 | 2.67 |
| ENGIFP 3 5/8 12/06/26 | N | 29/11/2023 | EUR | 600 | 3.0 | 29.5 | MS | 58 | 55.77 | -2.23 | 3.00 |
| ENGIFP 3 7/8 12/06/33 | N | 29/11/2023 | EUR | 900 | 10.0 | 32.5 | MS | 105 | 110.55 | 5.55 | 2.67 |
