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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 of MS+175-180 looks slightly wide to us; we put FV around MS+140a.
- Pre-tender the 26s traded at a z-spread just above 70bps which put it broadly in line with the WBD 27s with neither benefitting from CSPP though we note a steep deleveraging requirement at WPP to maintain IG status compared to what looks like decent ratings headroom at ITV.
- Our FV offers 15-20bps of pickup vs. the interpolated curves of JCDecaux and WPP; JCDecaux outperformed in May and now trades tight against WPP though the outperformance has moderated this month. ITV looks somewhat attractive against WPP which has less ratings headroom and above target leverage but with a more diversified business model.
- Prior bullet; https://marketnews.com/itv-profile-ahead-of-supply
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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