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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.
CONSUMER STAPLES
Auchan going for another rough session; 28s -1.5pts/+40bps. Reminder all IG docs/3m par call only.
- One additional note from yesterday; rental yield is 4.5%. Savills reporting on Prime European asset yields below; Auchan is running at low-end. Co has ~55% of real-estate value in France.
- Please note our ES(G) concerns after yesterday's earnings release; we'd add severe discounts to any FV for that (was up to -3pt before a presser was released on website)
- We will tie together broader views on food retailers in the weekly.
1H Earnings here.
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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