CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Elis (ELISGP; Ba1 Pos/BBB-) Reuters reports offer made to Vestis

CONSUMER CYCLICALS
Pressure seems to be in shorter 26/28s that are moving 20-40bp wider on -0.5pt moves. New 30s (issued March at MS+125) are -0.7pts/+20bps at Z+140. Reminder all lines 3m par call and a convertible in the stack {29s at 131.7, -18pts today}.

Despite the moves we would advise caution for those on the side-lines given;

  1. Elis is coming off relatively bullish pricing - which was warranted on BS progress and operating performance.
  2. If this closes we expect supply and it will be crossover rated in the best case. NIC's in HY tend to be double digit. The March issuance did well tightening 45bps from IPT but was still priced +35bps to the 28s for a 2yr extension. For reference it's currently spread +11bps.
  3. Sentiment then was strong then; both IG and HY spreads were tighter then they are now. Elis was coming off reporting FY results a week earlier that were very firm (double digit growth, margin expansion, BS deleveraging 0.5x turns).
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

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.