Ba1/BBB-/BBB- EUR Spreads Muted

Nokia has poured cold water on the media reports from yesterday though we note that the story had only been met with a marginal tightening in spreads given the lack of change of control language in Nokia’s EUR bonds (both close to par anyway) and the fact that the issuer already maintains a significant net cash position.

• Nokia has played down yesterday’s reports of M&A intentions in its Mobile Networks unit which had reportedly drawn interest from Samsung.
• The company has released a press release stating that “nothing to announce” and that no insider project exists while they remain committed to the “highly strategic asset”, highlighting cost optimization, new deals, and market share with existing customers.