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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
- DT IPT given at MS+100-105bps; Based off the DT curve we see FV at MS+65-70 but Orange’s curve probably offers a fairer reflection of pricing for this credit (MS+85a) – we struggle to see pricing inside of this level. Book size looks healthy with over EUR 2bn in orders already.
- While the underlying credit quality is attractive, it’s tough to see DT spreads as anything but tight, trading well within the curves of Telenor (rated one notch higher by S&P) and equally rated Orange (who are also possibly closer to an upgrade than DT).
- DT haven’t issued in EUR since December 2019.
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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