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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.
CONSUMER CYCLICALS
- We see FV on Accor 7y (Snr) at +125 (-40bps from IPT).* Separate to FV view, we think existing Accor 28's trade tight; The 28's at +97 only gives +15bps vs. Booking.com for the 3-notch higher rating & as below, the short-end 26's have closed any discount.
- Similar story against JDE Peets - the lower vol name now trades at a discount on 28's despite initially trading ~100bps tighter post Accor's uplift into IG.
- FV is +39bps over the 7.5yr BKNG's at+86/€105 & just inside JDE Peets curve
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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