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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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Lufthansa (LHAGR; Baa3, BBB-, BBB-; S) sell-off
- Worst consumer among Main CDS's is Lufty that's moved +5 to 130bps. It's +20 over the week.
- 5Y basis is +11 - that is well off the Main avg. that's low double digit negative. We think cash is to blame, particularly the new 30s that look bid well in. 1k denomination might be helping it. It's not far off EasyJet curve (1-notch higher, net cash BS).
- We don't see value in any of the network carriers but those that do want exposure and are uneasy in HY (cheap view on Finnair29s) should think about rotating into IAG's curve that still gives 26bps despite equal ratings.
- Reminder IAG was recently given surprise 2-notch upgrade into IG and is pre-dominantly a UK name (British Airways 47% of operating income) with side exposure to Spanish Iberia (27%) and LCC carrier Vueling (11%).
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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.