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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.
CONSUMER STAPLES
- FV is +130, +27bps above PM (A2, A-, A-) & -15bps inside Altria (MO; A3, BBB, BBB).
- FV is 55bps inside IPT. Similar tightening to Japan Tobacco last week (books were well covered at 8.8*) would see another double digit NIC on offer.
- BAT curve has compressed aggressively - some of this is justified on company surprising us with continued de-leveraging, some of it has been on broader compression. As mentioned before we don't expect a S&P upgrade into A- on new leverage targets (2-2.5*).
- The 2045's (not included below) trade tight (at +177) vs. PM (39's +158) and is likely skewed by yield dynamics.
- IPT: BRITISH AMERICAN TOBACCO €BMARK 8Y MS+185 AREA
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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