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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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Free AccessDirect Line: Ageas Dropping Bid Could Lead To DLG Spread Widening
Direct Line (DLG LN) credit could widen on Ageas’ bid abandonment.
- Direct Line only has two sub-benchmark GBP bonds out there but its ’32 sub debt (DLGLN 4 06/05/32) has rallied meaningfully (50bp to c.250bp OAS) since the bid was announced.
- If we assume that BNP’s interest in Ageas pushes the latter to abandon its bid for DLG (to shore up its own defences), the above rally could well revert relatively quickly. Obviously all of the above is relatively uncertain but BNP has size and industrial logic on its side right now.
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.