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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.
CONSUMER STAPLES
€700m 5Y FINAL +120 vs. FV +80, 40bp NIC
- PVH has been replaced for the largest NIC handed out among non-distressed IG consumers this year.
- It has going straight to final with no guidance, books>€2.2b are firm but it looks like it has upsized here to €700m. No size was given but the May local line that rolled off was €450m and it had a chart in the roadshow that was indicative to us of ~€500m size. This is the largest issue its ever done. Slight credit negative on the upsizing.
- Final vs. other sectors below, leaves it looking very attractive.
- Worth keeping an eye on 3Q earnings (3m ending May) on the 11th of July (pre-market).
- Brewers: Asahi Z+72
- Grocers: Tesco Z+85
- Food/drink: JDE Peets Z+98
- Services (ex Post): Securitas Z+102
- **Food/drink (Barry Callebaut now): Z+120
- Tobacco: Imperial/Altria Z+125
- Apparel: PVH Z+130
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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