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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI: PBOC Net Injects CNY14.2 Bln via OMO Friday
MNI: BOJ Tankan: Key Sentiment Rises, Solid Capex Plans
Digi Outlook Downgraded By S&P; EUR Spreads Up To 10bps Wider On The Day
New Profile: B1/BB-[N]
• DIGI faces liquidity risk with a EUR 450mn bond due in Feb 25 not yet refinanced, forcing a downgrade to "less than adequate" liquidity. S&P believe Digi is willing and able to repay the bond but estimate that available cash will just about cover estimated uses over the coming year (had seen cash at 1.2x uses before).
• S&P note that Digi are exploring liquidity options like asset sales, additional credit lines, or new debt to manage the EUR 450mn bond. Roughly half of Digi’s CapEx forecast are described as discretionary.
• They anticipate solid op performance with 10% annual revenue growth in 2024-2025, mainly from gains in Spain, though high investments and profitability impacts from the Spanish expansion are expected.
• S&P see a temporary peak in EBITDA leverage at 3.5x while FOCF will remain slightly negative. Downgrade thresholds given at EBITDA leverage above 3.5x and FFO to Debt below 20%. An outlook upgrade is possible if the company addresses its liquidity position so that sources cover uses by at least 1.2x again.
To read the full story
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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.