Free Trial

Anglo American (Baa2/BBB): What’s Priced?

BASIC INDUSTRIES

• AALLN spreads remain at the tights vs BHP, ~18bp tighter since the story broke. We see another ~15bp of upside on a successful takeover.

• Recent news flow points to a lower likelihood of success in our view. Anglo has accelerated release of their strategy update and refused to engage with BHP. BHP meanwhile has indirectly appealed to Anglo shareholders and emphasised capital discipline.

Keep reading...Show less
165 words

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.

• AALLN spreads remain at the tights vs BHP, ~18bp tighter since the story broke. We see another ~15bp of upside on a successful takeover.

• Recent news flow points to a lower likelihood of success in our view. Anglo has accelerated release of their strategy update and refused to engage with BHP. BHP meanwhile has indirectly appealed to Anglo shareholders and emphasised capital discipline.

Keep reading...Show less