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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
- Mids look untouched on the H&M SLB €29 at Z=104 & Grn €31's at Z+130 (only bonds outstanding) - we see room for it tighten - less of a earnings view than reversion to rating comp's - 2 notch higher Adidas is now spread at +63bps on the 29's (up from ~30bps in the middle of last year) & 31's give +30 over 1-notch higher ATDBCN & +44 over 2-notch higher booking. Spread on the 29's since issuance vs. € Retailers below.
- We wouldn't look too much at equity gains, its a volatile stock that is only paring back late Jan losses on FY23 results. Some of that volatility is reflected in 29's trading history - though we are bit unclear on drivers (it traded through FY23 results but sold off soon after Q3 results).
- As we mentioned earlier, H&M pays out sizeable dividends (SEK 10b+/yr) & has buyback programmes (unclear going forward on new programme amount/pace) & repayment of lease liabilities (SEK 12-13b/yr) - though quoted leverage (1.4*, 1.0-2.0* target, is net debt inclusive of leases).
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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