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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
- IPT: Ferrari Exp. EU500m 6Y MS+120 Area.
- We see FV at +65a.
- Ferrari is clearly a strong credit with minimal leverage, exceptional margins, and low exposure to consumer financing. The only negatives are scale and diversification.
- Without an official rating we see a slight discount to BMW (A2/A) and MBGGR (A2/A/A).
- That said, we expect similar retail demand to the first PORSCH deals last year to drive strong performance in secondary.
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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