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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
- Following the S&P downgrade, CE 5.337 01/29s step up 25bp after the current coupon pays in January. It looks like Bloomberg updated the cash flows after the European close on Friday.
- Pre coupon adjustment on Friday morning the bonds were around Z+180 / closer to Z+205 with the coupon change. The bond is ~47c higher today, leaving it at Z+183.
- It now trades out of the line with the curve. The bond can step up further, but it can also step back down on an upgrade. Metrics could return to IG if it deleverages per S&P’s assumptions, while asset sales are another potential catalyst. See our note on the downgrade here https://mni.marketnews.com/4eDJAXr.
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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