Free Trial
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.
CAPITAL GOODS
Alstom (ALO FP) cross-asset view: equity showing -5% y/y after results but credit tightening marginally.
- Alstom results (3Q24 or 3M to Dec-23) beat on orders (EUR5.45bn vs. EUR5.1bn consensus) and was broadly in line on revenues (EUR4.3bn) which gave some comfort on operating metrics.
- However, mgmt plans to retain investment grade via deleveraging of EUR2bn by Mar-25 included the phrase “equity-like instruments” which has raised the prospect of some form of equity dilution (convertible?) to bolster the credit stack. This would be a positive for the credits, less so for the equity and there’s also some disappointment at the rate of asset sales. Mgmt comments that these are simply “progressing” with little further detail.
- Alstom’s liquid ’26 line (ALOFP 0 1/4 10/14/26) is streaming around 1bp tighter this morning but, relative to Rexel’s closest comparator, is doing little to re-establish the premium it used to enjoy before the Oct-23 release highlighted poor cash flows for 1H24.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok