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).
- IAG double notch upgrade catches us off-guard
- easyJet, beware BS changes on capex ahead
- AFFP roadshow highlightsweak margins vs. peers
- Background on Finnair
- Paris April airport traffic
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.