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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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- Hard not to headline the weekly on Elo/Auchan's moves post downgrade into HY; its curve already priced wide (private equity issuer, single rated) but we didn't think markets saw a downgrade coming (based on some strong sessions tighter post-earnings); it initially cheapened aggressively before nearly paring all of it back on reported dip buying. The 28/29's (at Z+250/280) do screen wide but not a name we have a firm view on yet.
- That was peak vol for us on rating changes; Bayer had S&P & Fitch come - both lagging To move in-line with Moody's - the latter the drawcard for ratings (on Baa2 Neg) and still to come this year - which is starting to worry us on our (& from our chats markets) base case view for it to stay put on Baa2 Neg (vs. a 1-notch downgrade). Bayer may not be alone - Reckitt's baby formula lawsuit loss hammering its equities and even high-grade bonds this afternoon. In airlines, we saw cross-over rated IAG get put on review for upgrade (markets pricing it already firmly in IG) while Lufthansa traded past strike news to continue outperforming.
- On our existing views, some evidence of Coty (screens rich) & VFC (screens cheap) correcting wider/tighter, while still no strong signs of BKNG outperformance. BAT surprised us with another leg lower in leverage targets giving it (some) excuse to hold onto its tight levels.
- Issuance was broadly well taken with pricing continuing to be tight to secondary. Only notable exception for us was Nestle in a 2-part £ deal. We did see secondary weakness on supply - but it generally reversed in the sessions following - EasyJet (28s) a prime example.
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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.