Free Trial
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
Cash curve is unch, equities -9%.
- As we said the (Civil) fine is rumoured to be €200m and came from a news article in La Lettre (here).
- We don't see a press release on the Economic ministry's website or a reg. release from Carrefour but the source we linked above has screenshotted images from the ministry that indicates on the first page that it will intervene in the proceedings that began in December last year.
- On the 2nd page it details clauses that will be required to be amended by Carrefour in contracts. We've put that through a translate for non-speakers, please note could be prone to errors.
- Re credit curve, CAFP has underperformed last week and we had no interest in fighting that (even if it was on sentiment) given relative richness.
- It's come closer to our fair value but we still see rotations into Woolworth's 28s as very attractive (+25bps) and further out pickup into Tesco 31s (+15) - both into cheap views of ours.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok