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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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exp. €500m 5Y Guidance +200a vs. FV +170.
- 30bps in from IPT, books>€2.5b look a tad firmer than initial colour of >€1.5b, double digit NIC again on offer.
- On 10bps of tightening into final there is still a +55 spread pick up from IAG29s (Ba2 CW Pos/BBB- S) & +70 from LHA29s (Baa3/BBB-).
- As mentioned above, some of this is justified on AFFP near-term outlook, but pickup on ratings is significant here - no signs of Lufty or IAG secondary moving wider on it. AFFP 28s are +9 today, small retracement out vs. recent vol.
- No firm view from us but we are flagging the size of pickup.
FV thoughts above
Notes on roadshow: https://marketnews.com/air-france-klm-nr-bb-bbb-26...
Earnings Call: https://marketnews.com/air-france-klm-nr-bb-bbb-ai...
Earnings: https://marketnews.com/air-france-klm-nr-bb-bbb-ai...
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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