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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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- IPT: CNH Industrial EUR Benchmark 7Y MS+145 Area.
- We see FV at MS+103a, ~10bp through the TRAGR (Baa2/BBB/NR) curve.
- CNHI last issued € in 2019, we expect this to come with a reasonable discount to theoretical FV with the seasoned bonds looking a little tight here.
- Next benchmark maturities are $500mn in 05/25, €650mn in 09/25 with smaller CAD and AUD maturities in front. Appears to be another reverse Yankee early refi.
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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