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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
- Primary reopened with EUR 13.8bn in €IG supply across 18 lines from 13 issuers this week; busiest week in terms of volume since the week ending 07 June.
- Cover ratio of 2.8x compared to the YTD average of 3.2x with Mizuho’s Green 6NC5 seeing the strongest books at a 4.7x cover while Erste Group’s 8NC7 SP, National Australia Bank’s 5.5yr Green SP and Swedbank’s 3yr FRN all saw covers below 2x.
- Average launch spread of just MS+103bps due to the presence of higher quality deals; twelve of the eighteen lines were AA/A rated with no BBB- deals.
- Average and median NIC of 3bp ranging from the -8bp on Paccar’s 3yr up to 10bp on Volvo’s 10yr and BBVA’s 12NC7 T2.
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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