MNI BRIEF: US May Existing Home Sales Pace Falls 0.7% To 4.11M

MNI INTERVIEW2: Uninsured Bank Deposits Still Vulnerable-Bair

CANADA APR RETAILS +0.7%, MATCHING FORECAST, PRIOR -0.3%

MNI BRIEF: China Hopes EU To Ease Frictions Via Negotiations

MNI: PBOC Net Injects CNY8 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1196 Fri; -1.41% Y/Y

MNI: BAKER HUGHES US RIG COUNT 588; OIL RIGS 485; GAS RIGS 98

EZ/UK Bond Supply Calendar: EU Auction, BoE APF Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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

Airlines in Review

TRANSPORTATION
Credit BulletsBulletHomepagemarkets-real-timeCredit

Air-France, Lufthansa & Finnair all came to primary & brought double digit NIC's with them (below). Impressive performance in secondary with AFFP moving in 28bps (through our FV) & Lufthansa trading a 10bp NIC away. Finnair is the exception, streaming +5 wider & leaves it showing value; +45bp pickup over new AFFP's for equal S&P ratings. We also had action in ratings; we were expecting a one-notch upgrade for British Airways Parent IAG, but Moody's surprised us with a somewhat pre-emptive 2-notch uplift into investment grade. IAG29s are -16bps in since. Still on our radar for upgrades is rising star candidate Wizzair (needs supply to make things interesting) and low-cost carrier easyJet (screens rich in secondary).


Keep reading...Show less
163 words

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.

Air-France, Lufthansa & Finnair all came to primary & brought double digit NIC's with them (below). Impressive performance in secondary with AFFP moving in 28bps (through our FV) & Lufthansa trading a 10bp NIC away. Finnair is the exception, streaming +5 wider & leaves it showing value; +45bp pickup over new AFFP's for equal S&P ratings. We also had action in ratings; we were expecting a one-notch upgrade for British Airways Parent IAG, but Moody's surprised us with a somewhat pre-emptive 2-notch uplift into investment grade. IAG29s are -16bps in since. Still on our radar for upgrades is rising star candidate Wizzair (needs supply to make things interesting) and low-cost carrier easyJet (screens rich in secondary).


Keep reading...Show less