RBA SAYS SOME UPSIDE INFLATION RISKS HAVE EASED.

MNI: RBA LEAVES CASH RATE AT 4.35%

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1896 Tues; -1.71% Y/Y

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI:US OCT WHOLESALE INV 0.2%; SALES -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

Alimentation Counche-Tard (ATDBCN: Baa1 / BBB+) Makes offer to 7-11 Parent Seven & I (A2/A)

CONSUMER STAPLES
  • To clarify Seven & I's $ bonds are rated Baa2/A; I.e. Moody's is notching it -4 as these lines are issued under 7-Eleven Inc (SVELEV) which are specific to the US operations while the yen bonds are issued under the parent (SEVENI) without any notching.
  • Though Moody's treats the US business as separate (we assume on no cross-guarantees) there is strong financial ties; when it acquired US gas stations Speedway for $21b in 2021 (see issuance for that here) the parent gave a $8b equity contribution. Might explain the lack of notching from S&P.
  • Again CoC at 101 but we don't have prospectus on hand to see if any specific rating downgrades required to trigger that.
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

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.