MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI: US NOV IMPORT PRICES +0.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Ageas Ends Bid For Direct Line: Credit Positive But Spreads Moved Fast And Early On Friday

FINANCIALS

Ageas (AGS BB) pulled out of its bid for Direct Line (DLG LN) late Friday, after the close. Credit positive but spreads tightened hard on Friday, before the official announcement.


  • Hardly a huge surprise with one of Ageas’ key shareholders against the deal and DLG rejecting both the first, and improved, offers.
  • Ageas’ credit tightened meaningfully on Friday (>100bp) which reversed much of the underperformance since the deal was announced on 28-Feb. Also begs the question around the leakiness of this deal, the RNS being issued at 1830GMT Friday.
  • As we noted previously, the failed bid now looks like a sign of weakness from Ageas and could itself come to look like a target, which would likely be a credit positive event.
Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK

To read the full story

Close

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.