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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.
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Free AccessAnglo American (Baa2/BBB): Price Impact
• Equity marginally lower and spreads unchanged to 1 wider following Anglo’s rejection of BHP’s proposed bid.
• The market seems to share our view that Anglo is looking for a higher price and/or a cash component.
• Nonetheless we are a little surprised spreads have fully held their gains. A debt funded cash component would weigh on the combined group’s credit metrics. There is also the risk that BHP will not improve, or Anglo truly doesn’t want to engage. On the positive side, asset sales are another possibility to raise cash.
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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.