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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
Unicredit (UCG IM) pricing thoughts on new issue: good results in Feb, 30bp tightening on SNP in Jan, positive momentum could carry this as low as MS+130bp.
- UCG is issuing a benchmark EUR 10Y senior preferred bond with an IPT of MS+170bp. There are ’27 and ’31 bonds trading just below MS+120bp (see graphic) so it appears feasible that this issue tightens quite meaningfully from here, perhaps as low as MS+130bp. We have seen some recent issues tighten through their curves, too.
- UCG reported results on 5-Feb which were above consensus and did include increased equity payout levels though positive credit metrics from the operating businesses. The equity is up 16% since results (vs. SX7P +2.3%) and its senior cash bonds have tightened over the last month (up to 20bp).
- The bank issued a benchmark 7NC6 SNP on 16-Jan which tightened from IPT of MS+210bp to priced at +180bp for EUR1bn issue and books of EUR1.5bn.
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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