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.
As expected; no rating changes & views as slightly positive on 50% equity treatment kicking in for $ refi'd hybrids and extending out call risk on £ (first call in June 2024)
Says exchange fees up to €35m (last one was more significant €105m - final take-up was 74%) as manageable - we are more interested on option 2/tender take up given up to 20%/€200m cash use on this (last one was €136m on total €1.8b offerred)
Snr lines are unch to tighter today. We preferred the July 26's post-earnings on liquidity but it may not be cheapest screen anymore - curve has steepened aggressively on short-end rally (mgmt disclosed cash + signed disposals covers maturities to mid-26 at last earnings). Spread pick-up from the July 26's to Nov 26's (€300m line, liquidity thin) at +75bps & to April 27's at +120bps (all-time high since 27's issued) - real risk is unlikely to be as black and white as market pricing is between these dates.
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.