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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.
COMMUNICATIONS
Rating: Baa1/BBB+ EUR Spreads 4-7bps Wider
- UMG EUR lines moving wider; equity analyst takes imply concerns around segment revenues very different to expectations and highly volatile which raises questions around growth sustainability.
- The Subscriptions and Streaming part of the recorded music segment is drawing particular attention. The unit accounts for roughly half of group revenue and saw +4.1% cFX growth with revenue looking like a 6.5% miss vs. BBG consensus despite the S&S segment showing just a 1% miss and revenue for the group showing a 1.7% beat.
- Streaming reported Q2 revenue of EUR 343mn which was -3.9% YoY cFX while subscriptions reported EUR 1137mn in revenue which was +6.9% YoY in CFX.
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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