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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.
TECHNOLOGY
ASML (ASML NA) reported good results earlier which we won’t dwell on here but mgmt is making interesting statements on the call.
- CFO Dassen notes that “2024 will be more skewed to the second half” and also that 2025 will be a “big year of growth”. CEO also noted its new High NA EUV machines (the latest litho machines capable of printing down to 8nm resolution) will become the industry workhorse beyond 2025.
- The equity bottomed in Sep-23 since which point it’s up almost 40%, whereas the equity of TSMC (2330 TT) trails that by around 20pp, at least some of which is due to geopolitical concerns. However, looking at the two benchmark ’25 bonds (see graphic) TSMC has traded far better over the same time period.
- The equity is up over 5% this morning and the benchmark ’25 credit (ASML 3 1/2 12/06/25) is around 1bp tighter.
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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