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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.
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- We see FV on the Engie bonds at MS+97.5a, MS+125a, MS+155a.
- Don’t see much scope for greenium given the number of green bonds already issued
- Engie last came to the market on 29 Nov for a two part 3Y Vanilla & 10Y Green that tightened 29.5bp/32.5bp from IPT to give NIPs of ~5bp for both with covers of 3x and 2.66x.
- See below table for 2023 issuance stats.
| Ticker | Tap Ind | Initial Pricing Date | Curncy | Amt Issued (mn) | Tenor | Tightening From IPT | Spread Against | Launch Spread | Current Spread | Difference | Cover |
| ENGIFP 3 5/8 01/11/30 | Y | 04/01/2023 | EUR | 1100 | 7.0 | 35 | MS | 85 | 84.99 | -0.01 | 1.80 |
| ENGIFP 4 01/11/35 | Y | 04/01/2023 | EUR | 1175 | 12.0 | 33 | MS | 122 | 124.24 | 2.24 | 1.75 |
| ENGIFP 4 1/4 01/11/43 | N | 04/01/2023 | EUR | 750 | 20.0 | 40 | MS | 170 | 151.71 | -18.29 | 3.60 |
| ENGIFP 5 5/8 04/03/53 | N | 27/03/2023 | GBP | 650 | 30.0 | 20.5 | B | 187 | 105.17 | -81.83 | 2.08 |
| ENGIFP 3 3/4 09/06/27 | N | 30/08/2023 | EUR | 500 | 4.0 | 15 | MS | 55 | 58.85 | 3.85 | 2.00 |
| ENGIFP 3 7/8 01/06/31 | N | 30/08/2023 | EUR | 800 | 7.3 | 25 | MS | 85 | 97.16 | 12.16 | 1.63 |
| ENGIFP 4 1/4 09/06/34 | N | 30/08/2023 | EUR | 800 | 11.0 | 20 | MS | 115 | 119.39 | 4.39 | 2.00 |
| ENGIFP 4 1/2 09/06/42 | N | 30/08/2023 | EUR | 900 | 19.0 | 25 | MS | 155 | 149.12 | -5.88 | 2.67 |
| ENGIFP 3 5/8 12/06/26 | N | 29/11/2023 | EUR | 600 | 3.0 | 29.5 | MS | 58 | 55.77 | -2.23 | 3.00 |
| ENGIFP 3 7/8 12/06/33 | N | 29/11/2023 | EUR | 900 | 10.0 | 32.5 | MS | 105 | 110.55 | 5.55 | 2.67 |
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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