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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.
TECHNOLOGY
- Ericsson 28s (Ba1/BBB-[D]/BBB-) have outperformed Nokia 28s (Ba1/BBB-/BBB-) by close to 15bp since the pair reported in mid-April where Nokia reported a bigger revenue miss and a smaller operating beat compared to Ericsson. Ericsson equity is + 22% since reporting vs. Nokia +13.5%.
- The news came this week that Ericsson had exited monitoring around corruption-related misconduct in Iraq; the governance issues around the case were the chief reason for a “Developing” outlook at S&P so a resumption of a Stable outlook now looks likely.
- With a split HY rating from Moody’s (affirmed in February) we don’t think the resumption of a stable outlook at S&P will drive spreads though the grind tighter vs. Nokia may continue – we note FY adj-Op Income BBG consensus has moved 1.4% lower since reporting for Ericsson vs. 2.5% lower for Nokia. Ericsson 29s currently flat to Nokia 31s despite the shorter maturity.
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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