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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 CYCLICALS
- IPT: Leasys EUR 500mn WNG 4Y MS+165a
- Not much of a curve to work with here, 26/27 benchmarks outstanding.
- A curve extrapolation would suggest FV at 115a.
- We note the Leasys trades ~15 wide to VW Bank (A3/BBB). On that basis FV would be around 125a. Syndicate may try to comp to the longer end of the ALD curve which looks flat.
- We conclude FV 120-125 area for this deal. Optically cheap for the rating, albeit IT country of risk, we would expect this to price at the tighter end.
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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