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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
- Macro concerns linger with iron ore hovering around the lows, while weak Germany and France Industrial Production data will be a concern to the beleaguered chemical sector.
- Rolls-Royce was in focus with defective fuel lines discovered in some A350s with Trent XWB-97 engines. While there were tail risks, this has always looked manageable, and the latest updates point in that direction too. Tests can be carried out without removing the engine and are rolling out swiftly with most planes finding no issues. Nonetheless, spreads are 26bp wider on the week with 14bp coming from the bund rally; as a former HY name the bonds are still quoted on cash price, 35c lower on the week.
- Givaudan signalled M&A interest, with no impact on spreads so far. This could be a slow burner and unlikely to be transformational but worth watching with spreads here.
- Arkema was the only name active in primary with a 10Y deal.
- MTU Aero Engines made double headlines with Moody’s moving from outlook stable to positive and a 7Y mandate announced.
- Spreads generally held up well, with crossover names taking the impact of lower rates. Albemarle sentiment remains weak following the Fitch downgrade to BBB- last week with Lithium prices still pressured on oversupply as EV adoption forecasts continue to deteriorate.
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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