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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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Nordea (NDAFH: A3 pos/A/AA-) is issuing benchmark senior preferred today – we see fair value at MS+55bp area.
- NDA is issuing benchmark 5yr senior preferred with IPT at MS+75bp and expected ratings at Aa3/AA-/AA.
- NDA only has three very low coupon senior preferred, so its curve isn’t a great starting point. Using the other Nordic banks with similar ratings, we see a cluster intercept at around MS+55bp. Handelsbanken is one notch better-rated and its longer-dated bonds are, again, older, low coupon issues.
- Therefore, we see fair value around MS+55bp area.
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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