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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.
CREDIT SUPPLY
- IPT: Exp. EU500m 10Y Green MS+140 Area.
- We see FV at MS+95a assuming 4bp / year for curve extension.
- UPMFH bonds are at the tight end of high triple B industrials (chart). As an infrequent issuer with mostly 500mn deals (28s 750mn) we assume secondary is quite technical and expect a reasonable NIC on this.
- UPM last issued the 29s in 2022 at MS+88. All the euro bonds outstanding are green format.
- Secondary spreads are 2-3 wider so far.
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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