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Bond Market Insight-Finance & Credit Bank: Market valuation of the note likely at its ceiling

Name: 03/02/2010. ICU: Bond Market Insight-Finance & Credit Bank: Market valuation of the note likely at its ceiling
Creator: Cbonds
License: https://creativecommons.org/licenses/by/4.0/

03/02/2010 | ICU

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This January, the Finance & Credit Bank (FICBU) successfully restructured its US$100m credit-linked note (CLN) extending the maturity by a 4-year period, to January 2014. The market has currently priced the note at 73.88% of par value, yielding 21.41%, with a 1,938bp spread over the US Treasury of similar tenor. In our view, the market correctly adjusted to the news, and the current pricing has left very limited upward price potential of a mere 3% at the most.

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