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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 UPDATE
Cross-asset moves: Elis SA (ELIS FP), the support services firm, is one of the better equity performers today (+3.1% vs. SXXP +1.0%) yet its liquid '25 bond ZR767015 Corp is one of the weakest performers in IG bond index (OAS +13bp).
- Equity is making new 12M highs, up 89% since the October lows alone, yet the OAS has widened 13bp (to c.74bp).
- There's no fundamental news out there today, it announced a small acquisition yesterday (Moderna - not the healthcare co - which largely comprises one industrial laundry facility) which doesn't appear material.
- Its move today appears to widen the gap down to Rentokil's comparable bond (see image), a level it's failed to breach twice in the last year.
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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