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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
- IPT: Silfin NV EU500m WNG 6Y MS+275 Area.
- Optically wide for a BBB- stable.
- The issuer has the SCRSBE 2.875 04/27 outstanding which trades ~15bp through the PAPREC curve albeit with a volatile RV history.
- We see FV at MS+215a with 60bp for 2.6 years duration extension.
- Having looked at the roadshow we see no major issues with the credit to justify the spread for the rating. This is not a well-known issuer and mining brings ESG issues for many investors. It is something of a niche commodity company with exposure to cyclical end markets.
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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