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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 UPDATE
- Fortescue's iron-ore shipments were flat at 191.6m metric tons in the past year, slightly below the forecast range due to setbacks like derailments and heavy rain.
- Despite these challenges, the company reported a record quarterly shipment of 53.7m tons, up 10% from the year prior and plans to restructure, including cutting 700 jobs, to improve efficiency and focus on clean energy investments
- Looking ahead, Fortescue expects to ship between 190m and 200m tons of iron ore in the next year, including increased contributions from the Iron Bridge project.
- Iron ore is down 1.48% over the past 24hrs, and down about 12% from the July highs.
- FMGAU predominately trades out of the US, there looks to be a slightly skew to selling the longer dated lines overnight with little change in Asia today.
- FMGAU bonds have traded sideways over the past couple of months, largely mirroring the movements of Australia's BHP and RIO. However, they have slightly underperformed compared to Northern Star, with the FMGAU 32s widening to trade 39bps wider than the NSTAU 33s, compared to an average of 28bps
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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