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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.
COMMUNICATIONS
- Noting the FT reporting on the size of short positions in BT; their figures match those we see on the terminal with 2.8% of the outstanding shorted by Ako Capital, CPP, Kintbury, and Blackrock.
- The article references S&P data showing that 14.9% of their stock is on loan, a proxy for short interest given that FCA filings only require disclosure of shorts greater than 0.5%.
- They make the comparison that outstanding shorts on Orange, Telefonica, DT, Vodafone, Telecom Italia, Ericsson and Nokia average just 0.95%.
- BT equity is -29% YoY (vs. -6% for Stoxx 600 Telcos) and -12% YTD (vs. +1.5% for Stoxx 600 Telcos). BT EUR 31s outperformed a basket of peer bonds by ~15bps over H223 (particularly in the wake of their triennial pension review and H1 results) but sit flat YTD.
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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