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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.
FINANCIALS
Results have slowed, primary accelerated yet guidance upgrades remain sparse even as the sector continues its bull run tighter.
- Issuer news slowed as results season is coming to a close. Two small Danish banks (Jyske and Sydbank) reported very similar figures with small beats/ Swiss Re beat expectations on a better combined ratio. Finally, Deutsche Bank reached a partial settlement around Postbank – not a spread mover but good the equity.
- FIG primary returned with a vengeance with 11 tranches issued this week (10 issuers), including three benchmark Tier 2 issues. In aggregate, EUR10.6bn was raised (books: EUR31.25bn) with an average NIC to MNI fair value of just 2bp. One of the Tier 2 issues (BNP) even came 5bp inside our FV.
- Trend to watch – FY24 guidance and the roll-through to FY25 expectations. We’d make three points here, more fully in our weekly out later today:
- We’ve taken a sample of 31 major European banks; 26 beat on revenues (aggregate avg. +2.3%), - underlying performance looked pretty good.
- However, across that sample only 7 raised guidance to above consensus. Management teams remain cautious.
- The sector’s operating performance remains finely balanced, yet the banks sector (I03125EU Index) has shown a distinctly un-disappointing performance.
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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