Free Trial

CONSUMER CYCLICALS: Adecco Group (ADENVX; Baa1 Stable/BBB+ Neg) FINAL

CONSUMER CYCLICALS

WNG €300m 8Y FINAL +130 vs. FV +125 (5bp NIC)

  • -25 in from IPT, books>€1.05b

We did not see value in FV and encouraged caution. This has some DNA of Burberry; pricing more to ratings, fundamentals deteriorating alongside poor governance on BS - though less extreme. As we said when Burberry priced - we hope it proves us wrong. 3Q earnings come on 5th of Nov.

64 words

To read the full story

Close

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.

WNG €300m 8Y FINAL +130 vs. FV +125 (5bp NIC)

  • -25 in from IPT, books>€1.05b

We did not see value in FV and encouraged caution. This has some DNA of Burberry; pricing more to ratings, fundamentals deteriorating alongside poor governance on BS - though less extreme. As we said when Burberry priced - we hope it proves us wrong. 3Q earnings come on 5th of Nov.