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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.
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- IPT: €300m 5.375%-5.5% (ms+245-257)
- We see FV 5.02% ms+210
- In terms of business, PHARGR most closely resembles McKesson (MCK: A3/BBB+). Smaller in scale by a factor of 5 but with a more diversified offering, slightly better margins and no exposure to the litigious US market.
- MCK do not have 5yr EUR bonds but the MCK 4.75 29 would swap to €+60.
- Historically, PHARGR 25s traded about +150 vs MCK which would give ms+210 (5.02%)
- Comps in BB land. TEVA, AVTR, NEXIIM, AMPIM, IQV
- Teva has the best curve and ms+210 would be right in line with the TEVA 7.375 29. This seems reasonable.
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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