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.
An eventful week in Industrials with Fallen Angel watch names on the move tighter
• Alstom announced anticipated balance sheets measures with hybrid and equity issuance to come. Moody’s will move to stable upon execution removing HY downgrade risk for now. https://marketnews.com/alstom-baa3-bbb-1q24-results
•Siemens Energy posted strong results positively surprising on cash flow and guidance. Problem turbine sales will resume https://marketnews.com/siemens-energy-bbb-2q24-res... leaving HY downgrade risk looking unlikely.
• We suspected Celanese might also rally post results, but not much to report so far https://marketnews.com/celanese-nr-bbb-bbb-1q24-re...
• LyondellBasell announced a strategic review of European assets. We don’t see credit impact for now; our analysis suggests asset sales wouldn’t trigger any event of default issues https://marketnews.com/lyondellbasell-baa2-bbb-str...
• Other reporting issuers included Berry, Emerson, Arkema, Heidelberg Materials and Bouygues which were mostly non-events.
• No primary this week, Illinois Tool Works has mandated a dual tranche for next week.
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.