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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
Steepness on pricing here might be reflecting scale, lack of familiarity with co and lack of recent growth.
- €500m 8.5Y Guidance +95 vs. FV 85 (+10)
- books>€2.2b, -25 in from IPT
- €500m 12Y Guidance +125a vs. FV 100 (+20)
- books>€2b, -25 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).
- Not sure why the 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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