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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.
FINANCIALS
Virgin Money issuing benchmark EUR bond today (VMUK LN) – we see fair value nearer MS+110bp but deal risk may mean pricing will come wider.
- *IPT: VIRGIN MONEY UK €BENCHMARK 4NC3 MS+170 AREA - BBG.
- Bank is subject to an agreed takeover by (better-rated) NWIDE (announced 7-Mar-24) which, to our mind, should improve its credit profile. Results on 6-Feb were broadly in line and the equity rose marginally on the day.
- VM’s ’28 bond (see graphic) is c.70bp tighter than pre-bid and was trading at over MS+200bp as recently as early-Feb-24. Fair value based on the current curve looks to be around MS+110bp but this could price wider to compensate for the risk the deal falls through (deal is agreed, so this comes down to competition issues in UK mortgages, a market generally regarded as relatively competitive).
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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