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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.
UTILITIES
• Enel yesterday missed its CO2/kWh KPI triggering 25bp step ups on some of its outstanding SLBs.
• Although widely expected spreads on affected bonds (labelled on the chart) have outperformed by 10-20bp with the step only partially priced in previously. Spreads have moved both yesterday and today.
• Stepped bonds now sit slightly wide to the curve, with step optionality remaining on the other SLBs for future test dates.
• This is an interesting test case for the SLB market with few step triggers so far. Some had wondered whether increased coupons could compensate for ESG negatives and on this evidence the answer is yes.
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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