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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI China Daily Summary: Friday, November 29
MNI US OPEN - Le Pen Sets Deadline for Further Concessions
Long-end Ahold's struggle in Primary
- Accor coming in line with our FV at +125 while Ahold is already at FV on guidance for the €500m 7y - books look healthy as well.
- The Ahold 12y is struggling at +125, still 25bps wide from our FV & looks like it will give a double digit NIC - books skewed away from it.
- As a aside, long-end spreads (10+) continue underperforming - no signs of steepening in rates curve not helping (despite soft landing narrative/cuts being priced out).
- Plenty of room for spread steepening to continue (against historical avg.'s) particularly if rates curve stays flat; long end vs. 5-7yr still trades -15bps inverted on spreads.
To read the full story
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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.