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Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
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Commodities
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Credit
Credit
Real time insight of credit markets
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Data
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Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessConsumer Earnings Wrap
VF (-12.6%) , € Curve (Baa3 Neg, BBB, Neg) +15-30bps, looks wide
- Strong misses across brands on earnings driving flat EBTIDA, no guidance for final qtr (only unch FCF at $600m), positive leverage trends, Potential for crossover rating on Moody's downgrade
Carlsberg (+4%) , € Curve (Baa2 Pos, NR, BBB+ S) unch, potential for some firming on Baa1 upgrade
- Beat on earnings, small miss on FY24 guidance & surprising lift in long-term guidance. Leverage remains well below target but Asia market weakness continues. Potential for Moody's upgrade if headline beat & long-term guidance lift enough.
Pandora (-0.4%) , Single €500m SLB 28's (Baa2, BBB; S) unch, looks fairly priced at G+135
- Strong beat with weaker margins, 1Q trading conditions &FY24 guidance positive
Metro AG (-3.7%), Single €600m 25's (NR, BBB-; S) -4bps, looks fairly priced at G+48
- Miss on Adj. EBTDA at €404m (c€434m) but Net Debt fell -€375m over qtr while EBITDA rose ~€170m- both positive for leverage. But reiterated outlook for FY24 including increase in net debt (lease portfolio extension), Adj. EBITDA change of -€100 to €50m (costs inflation) & slightly negative FCF (growth investments).
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.