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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 CYCLICALS
- VW Bank 4.375 05/28 (A3/BBB) is currently trading 6bp wide to RCI Banque 4.875 09/28 (Baa1/BBB-), a situation that has historically reversed quickly (chart).
- Renault has performed better recently, with 1H24 results showing strong operating performance despite sector headwinds.
- VW has been struggling with intense competition in China, cost pressure and EV capex for its complex product lineup.
- A tighter spread between the 2 credits than before is justified. However, with no ratings pressure and liquidity still strong, we still see the possibility for VW Bank to trade tighter on average.
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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