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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.
FINANCIALS
Nordea (NDA SS) issuing a benchmark 10Y senior non-preferred – we see pricing around MS+110bp.
- Nordea (A3, A, AA-) is issuing beyond the end of its current SNP curve and that of immediate peers SEB (similar-rated) and Handelsbanken (one notch better).
- Credit Agricole is similarly-rated and has one of the better-populated SNP curves amongst European banks with NDA tracking slightly tighter than it at 3Y+ durations.
- Handelsbanken has an 8Y at 101bp so we struggle to see NDA pricing tight of that but it should beat CredAg’s intercept (at 118bp) by a good margin so we see this pricing around 110bp 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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