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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 STAPLES
Books have shifted tad towards the 12Y but still priced quiet steep. As we said might be reflecting scale, lack of familiarity with co and a recent lack of growth. Despite NIC on 12Y not a value screen for us - we have seen 5Y F&B names price > +100.
- €500m 8.5Y FINAL +87 vs. FV 85 (2bp NIC)
- books>€2.1b, -33 in from IPT
- €500m 12Y FINAL +117 vs. FV 100 (17bp NIC)
- books>€2.4b, -33 in from IPT
> FV based on secondary (i.e. mainly €29s) but we don't see any reason to chase this below Mondelez's curve (90 & 102).
> 3.5Y term premium is +30bps on IPT - curve tend to be flatter out there for high-grade F&B.
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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