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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.
CREDIT SUPPLY
- IPT given at MS+110-115bps; we see FV at MS+70-75bps, noting the flatness of the 3-5yr curve for both Amadeus and Capgemini.
- Spreads have traded in a relatively tight range over H2; below timer-series shows the EUR 28s plotted against the average spreads from the bonds shown in the curve chart; noting some widening over the past few sessions.
- Colleague noted that Q423 results were remarkably in line with consensus while credit metrics moved in the right direction with EBITDA leverage to 1x from 1.1x and FCF +18% YoY.
- Recent news has centred around reported interest in a bid for US payments processor Shift4 though Amadeus indicated shortly thereafter that they are no longer pursuing the deal.
- Amadeus haven’t issued in EUR since 2020.
- EUR curve muted, EUR 27s/28s less than 1bp wider on the day.
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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