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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.
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Free AccessNWIDE Results 23-May: VMUK Update, More Info On Rate Headwinds
Nationwide BS (NWIDE: A1/A+/A+) reports results on 23-May are set to give another view on when rate headwinds start to bite for UK banks but the overarching story for the credit will remain the VMUK takeover and any update on due diligence and closure timetable.
- Nationwide’s acquisition of Virgin Money for GBP2.9bn (7-Mar announcement) is going to dominate the credit performance, VMUK has already been placed on positive watch by all three agencies. UK bank results were broadly positive for 1Q24 with all eyes on the precise timings of the expected margin downturn from lower forward rates.
- NWIDE’s spreads have underperformed peers; they are 31bp tighter YTD and 8bp tighter in the last month (€IG banks: 46bp and 15bp) which is hardly surprising during a bid situation, we feel.
Results are due at 0700 (London time) with conf call at 1030 at https://bit.ly/4ard1dd
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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.