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.
exp. €500m 8Y IPT +145a vs. FV +105 (-40bps)
- secondary +2-4 and captured below
We have no issue with the co; its fundamentals are strong. As we said above investors will likely need to bear regulation headlines often and the long-term impacts will remain uncertain. The flipside of that is more vol and better entry levels; 29s traded as wide as +87 on Italian regulation issues earlier this year; its -30bps in.
We see it safe to assume over long-run it may erode on Edenred (no. 1 in employee benefits/voucher services) growth and margins (on competition regulation lowering barriers to entry etc.) - to be clear potential erosion from the impressive high teens growth and 40-handle margin (on EBTIDA) it's running currently.
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.