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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 SUPPLY
- IPT given at 5.875% which equates to MS+302.5bps. We see FV at MS+250a, equating to a yield of ~5.35%.
- Iliad extend their curve in 2023; in December they issued a EUR 650mn 2029 that tightened 37.5bps to price at 5.375% with a cover of 2.3x while in February they issued a EUR 500mn 2030 that tightened 12.5bps to price at 5.75% with a cover of 2.2x.
- Spreads on the two tendered bonds (1.5% 24s and 1.875% 25s) have rallied by 87bps and 70bps respectively. Rest of the curve is muted – 5.375% 29s and 5.375% 30s are ~4bp and ~1bp wider respectively.
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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