MNI BRIEF: Yen Not Affecting Underlying Inflation - BOJ's Ueda

MNI BRIEF: BOJ Sees Risks To Prices In FY25, FY26 Balanced

BOJ: RISKS TO PRICES IN FY2024, 2025 BALANCED

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

IFO Employment: Overall Softening, Services Stronger

France Consumer Sentiment Remains in Recent Range

MNI: FRANCE APR CONSUMER SENTIMENT 90

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Anglo American (BBB/Baa2): New Issue FV Analysis

BASIC INDUSTRIES
BulletCredit BulletsCreditHomepageUKAnglo American (AAL) Market NewsBank Of England (BOE) Market NewsGlencore plc (GLEN) Market News
  • 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.


106 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.
  • 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.