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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.
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- Not a spread mover; credit positive but the amount is small and the story is in line with the strategy communicated at the CMD.
- Spanish-language paper Expansion reported that Cellnex has engaged Goldmans to assess interest in a minority stake in LandCo, aimed at cutting annual costs associated with Cellnex's telecom site leases by 8% through land acquisitions. For context, leases cost the company circa EUR 850mn last year implying EUR 70mn in cost savings.
- GS are reportedly gauging interest for a partner to take a minority stake in the LandCo real estate subsidiary announced at the CMD as Cellnex aims to increase land ownership from 14% to 30%, though there is no express mandate to engage in a transaction.
- Cellnex has underperformed slightly since mid-March with equity around 5% lower while spreads subsequently underperformed a basket of peer IG EUR Comms bonds with spreads now back in line with pre-upgrade levels.
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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