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Gravity Works As WeWork Doesn't; Now Plan B

Financials Credit Analyst

Hank Calenti, CFA

CreditContinuum

Credit

<p><strong>Executive Summary:</strong> Looks can be deceiving when considering performance potential in newly issued securities. While the issuance spread may be wider than peers, this is only one-half of the story. We consider the other half as it relates to <a href="https://www.smartkarma.com/entities/ubs-group-ag-e82c0d58-83f2-4e12-bcb6-976202a4e200" target="_blank" data-smartkarma-citation="entities:27909:1" rel="noopener">UBS (UBSG SW)</a> and <a href="https://www.smartkarma.com/entities/jyske-bank-a-s" target="_blank" data-smartkarma-citation="entities:22404:1" rel="noopener">Jyske Bank's (JYSK DC)</a> recently issued AT1 bonds and we ponder the potential in Oman Arab Bank’s security.  </p>

Executive Summary: Looks can be deceiving when considering performance potential in newly issued securities. While the issuance spread may be wider than peers, this is only one-half of the story. We consider the other half as it relates to UBS (UBSG SW) and Jyske Bank's (JYSK DC) recently issued AT1 bonds and we ponder the potential in Oman Arab Bank’s security.  

New Issue Machinations – Looks Can Be Deceiving

Asia High Yield Bond Index

New Issue Machinations – Looks Can Be Deceiving