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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.
TRANSPORTATION
- Barring any unlikely surprises investors will be focused on capital allocation, with further sales of their Heathrow stake an ongoing topic. Details on redeployment of resources into North American opportunities may be discussed. Anything really disruptive from a credit perspective would be a surprise however.
- Consensus expectations for 4Q revenue +3%, EBITDA +37% YoY.
- Equity +6% YTD. FERSM 4.375 09/30 trades ~13bp tighter YTD. The rest of the curve trades tight; on top of ADPFP (A), while the 30s trade ~10 wide to the BBB curve. The 30s look reasonable for a defensive sector play with management executing well, albeit with some uncertainty around capital allocation.
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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