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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.
INDUSTRIALS SECTOR
Rating Profile: NR/BBB-[S]/BBB[S]
- ABESM EUR May 26s are recommended by BBVA as a buy at B+67 (yield 3.2%), following recent underperformance compared to other ABESM senior bonds.
- ABESM EUR’26's have tightened only approximately -1bp MoM, versus an average tightening of ~10bps for Abertis' EUR senior bonds.
- Abertis is favored this year due to a €1.3bn cash infusion from its parent companies and an extension in the high-quality average life of its toll road portfolio, following deals in Houston and Puerto Rico. Rating agencies have reaffirmed ABESM's ratings in the wake these deal announcements.
- A potential positive catalyst for Abertis could arise from the AP-7 toll road litigation against the Spanish Government, with €1.1bn already received against a €4.2bn claim.
- Strong continued cash generation is anticipated for Abertis in 2024 while BBVA note improved credit metrics and a solid rating profile.
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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