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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 SUPPLY
Engie has existing 4yr perps (sen-sub +99 bps) and 6.6yr perps (sen-sub +90 bps) both of which are Green.
- Given that Engie is IG at the Hybrid level (Baa3 / BBB-) a Sen-Sub spread inside that of AEMSPA & TRNIM is justified.
- Sen-Sub 6yr +95 to get 4.60% FV (2.84 + sen 81bp + sub 95bp)
- Sen-Sub 9yr +105 to get 4.84% FV (2.79 + sen 100bp + sub 105bp)
IPT are 5-5.125% and 5.375% respectively
Source MNI & Bloomberg
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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