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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.
COMMUNICATIONS
- JV parent upgraded on view that Orange will remain committed to the JV; looks to have been largely priced in given the muted response.
- Initial leverage high at 5.5x; expected to decrease to 5.2x by end of 2024, targeting <3.5x medium term.
- Capex as sales percentage to drop to ~15% next two years from 21% in 2021, boosting FOCF to debt to 8%-10% (seen near 5% within a year).
- Time series shows performance of the Lorcat Secured 29s against peer HY Secured Communications Bonds (from VMED, ADRBID, BANIJA, TMOBPNL, UPCB, EURCOM)
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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