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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.
CONSUMER STAPLES
€700m 7Y FINAL +80 vs FV 77 (3bp NIC)
- Books >€2.2b are firm, -30 in from IPT
- Shifted FV +2bps as secondary was weaker into final led by long-end; 31/32s +4bps
- We would not rule out a revisit this year given we saw today as pre-funding for the €1.25b Nov line - which it has issued short of. That is unless it is actively reducing debt load - a possibility given lack of earnings growth but not needed to keep ratings.
- Please note overhanging risk from NEC lawsuits keeps Reckitt (A3/A-) wide
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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