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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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Free AccessMNI Gilt Week Ahead
BHP (A1/A-): Anglo Offer Confirmed
• All share offer (0.7097 BHP shares) with proportional shares in Amplats and Kumba.
• Equates to around £25 per Anglo share, a 13% premium to the closing price.
• Values Anglo equity at £31.1bn. The premium looks modest on the face of it and we would expect Anglo to push for better terms .
• Clearly credit positive for AALLN (Baa2/BBB) and negative for BHP if the deal goes through, with the curves 30-40bp apart.
• We would not expect anything like full convergence for now given the modest premium.
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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.