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.
Vol continued in the same high-beta names, only deal of interest in primary was ISS that gave no NIC - investors likely eyeing carry at the top-end of consumer space (ex. Tobacco & retailers). PostNL in the pipeline- an interesting one to watch that may come wide - will have thoughts soon.
In macro Euro area consumer prints (volatile) got the normal no cares from rates; Germany retail sales -1.2% MoM from +2.6% & France consumer spending -0.8% from +0.5%. The EU composite retail sales will print Thursday, consensus looking for -0.2% from +0.8%.
In the US, April real personal spending contracted, echoing control group weakness from 2 weeks ago in retail sales. Earnings for local issuers were mixed; Birkenstock with a strong beat, Capri flagging weak lux retailing conditions, latter more weight for read-through. PVH with Q1 results Tuesday after US close, 29s giving 10bps of protection from issuance heading in. Key pieces from week below, only change in screens was a IDSLN28s screen cheap.
- Capri earningsmake purchase price look expensive. Note call risk/deal closing is still the mover for bonds.
- IDSLN28s screen cheap, hedge with long 26s if needed.
- Beware no good news in sight for VF entry/carry
- American Airlines miss, little read-through
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.