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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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ING (INTNED: Baa1 pos/A-/A+) is issuing Tier 2 sub debt today – we see fair value around MS+170bp area.
- INTNED is issuing EUR benchmark 11NC6 Tier 2 sub debt with IPT at MS+210bp area. Expected ratings are: Baa2/BBB/A-.
- ING results (1-Aug) were ahead of consensus with upgraded guidance. However, expectations were already relatively high, we feel, and spreads have widened since, along with the equity underperforming marginally through recent volatility.
- ING and local peer ABN give a good guidance to curve slope at this workout point, two adjacent INTNED bonds also give a good steer towards a fair value in the MS+170bp area, we feel.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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