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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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- We see FV +255a
- IPT: MS+290a
- Size: Benchmark
- BALDER is probably the best comp for AroundTown given the business mix and rating.
- Gecina and Covivio trade too tight.
- ARNDTN curve is wide to BALDER but is better rated
- Recent GYCGR 30s came inside FV @+195 and rallied a further -20bps.
BALDER curve 29s to 30s is 15bps for 1.3yrs ~12bps/yr
ARNDTN 1.45 28 (4yr) trade ms+237 which would give FV +250a for 5yr which I think is a bit too tight given the relationship with ARNDTN and BALDER secondaries.
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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