Free Trial

Elo/Auchan (ELOFR; NR, BB+ Stable); IPT coming well wide

CONSUMER STAPLES
  • We see FV at MS+250 or 5.3%. IPT is at 6.125% or +330. NIC currently is 0.8%/80bps.
  • Note 3-month par-call is in-line with 27/28's trading around it.
  • Xover member 5yr CDS trades at +240, 4Y CDS shows mids at +190.
  • As we've mentioned before 5yr basis (vs. 2029's) has moved in from deeply negative/cheap basis (-90) to now -35bps.

IPT: ELO (AUCHAN) €BENCHMARK 4Y 6.125%-6.25%

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.