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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.
BASIC INDUSTRIES
- IPT: EUR Benchmark 5.25Y MS+145 Area, EUR Benchmark 8Y MS+185-190.
- We see FV in the low 100s / low 140s.
- AALLN was downgraded one notch by S&P last week with little spread reaction. With the China slowdown story dragging on commodity prices, we remain cautious on the credit. Spreads already sit ~20bp wider from the tights of last month, but still ~20bp tighter YTD.
- We prefer the 8Y over the 5.25Y subject to final terms. In the belly of the curve AALLN trades flat to GLENLN (Baa1/BBB+), while long end spreads look closer to fair pricing.
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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