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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.
FINANCIALS
CredAg is issuing Tier 2 debt (EUR benchmark 12NC7) today, IPT is MS+205 area, we see FV around 165-170bp.
- Credit Agricole SA (ACAFP) is issuing T2, rated Baa1 today – ACA’s got no T2 beyond 5yrs so, using the slope of (lower-rated) ING and BPCE, we’d extend from the ACAFP 5.5% to see fair value around MS+165-170bp (see graphic).
- Credit Mutuel is similarly-rated to ACA but the curve has lots of older, low coupon and low cash price bonds so that curve is, we feel artificially low. It’s tough to see this pricing much inside the INTNED 5% which is over a year shorter and only one notch difference, so this holds us back from being more aggressive than the above.
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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