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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
- On secondary; does trade more in-line with BBB names. Only curves that are still wider include one-notch lower Tesco & JDE Peet's & slightly higher rated Couch-Tard (reverse yankee with exposure to retail fuel margin vol).
- Mgmt equity pay-out choices likely to drive rating action in near-term with FCF enough of a buffer; net debt is ~2x yearly FCF thanks to healthy $6b+ in cash. Fair warning 1H tends to be seasonally very weak (~ -€2b) on working capital.
- Not a curve we have issue with here - view could change if see very weak guidance and/or cash use on acquisitions.
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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