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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.
CREDIT SUPPLY
Mitsubishi HC Capital (MITHCC: A3/A-) is issuing senior unsecured; we see fair value around MS+70bp area.
- MITHCC is issuing EUR500m (WMG) 3Y senior unsecured with IPT at MS+105bp area. Expected rating is A- (S&P).
- The obvious peers (two French, one Japanese) with similar ratings all trade relatively tight. Arval is the largest leasing firm in Europe (and owned by local giant BNP) so is a good peer but there’s the Orix 4.477% at 0.9yrs longer workout and MS+80bp which we feel drags a fair value slightly higher to the MS+70bp area.
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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