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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.
CREDIT SUPPLY
Unicredit (UCGIM: Baa3/BBB-/BBB-) is issuing a benchmark senior non-preferred dual-tranche today. We see fair value on the 4NC3 at MS+80bp and the 10Y at MS+145bp.
- Unicredit is raising EUR benchmark 4NC3 with IPT at MS+120bp area and a EUR benchmark 10Y bullet with IPT at MS+180bp area. Expected ratings: Baa3/BBB-/BBB-.
- Unicredit is under some pressure from regulators over its position in Russia, from where it has been upstreaming dividends but 1Q24 results (on 7-May) were positive with a small upgrade to FY24 guidance alongside solid credit metrics.
- Unicredit, Intesa and Sabadell are all similarly-rated with well populated SNP curves. We see fair value on the 4NC3 at MS+80bp and the 10Y at MS+145bp.
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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