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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.
CONSUMER CYCLICALS
- We see IPT (T+14) coming tight (+15bps) to our FV is at Z+181bps or UKT+125 (T 4.25% 12/2040).
- Gatwick curve trades in-line with Heathrow 1st Lien (NR, BBB+, A-) on the 41's and long-end (similar cash prices)- that's been driven by Gatwick outperformance recently on a spread rally - no rating changes on either recently.
- Gatwick does have exposure to the faster recovering budget/short-haul segment (see yesterday's note). Still given 1 notch higher rating & historical ~20bp discount for GATAIR leaves us seeing the 41's as tight vs FV secondary- that view is echoed in shorter 29/30's that is still spread at 11bps.
- We also note Gatwick's £300m 37's are trading at Z+178/£102 & is a floor to our FV on the 40's. Its moved ~+6bps since mandate was announced yesterday.
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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