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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
- AFR reported overnight that bidders for Anglo’s coal assets have been narrowed down to 6 and will only accept bids for the entire portfolio.
- The original $5bn valuation has been impaired by the recent fire at the Grosvenor mine. Bids are now expected above $3bn with $700mn in rehabilitation costs absorbed.
- The valuation difference will be negligible for credit with less than 0.2x turns difference in leverage. Shareholder returns are expected in any event.
- Recent reports have also speculated that BHP is expected to re-bid for Anglo after November when it is allowed to do so again.
AALLN spreads remain underpinned by a takeover premium, 0-5bp wide to GLENLN (A3/BBB+/NR) despite the ratings differential.
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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