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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.
HEALTHCARE
Merck (MRK: A1pos/A+)
4-tranche deal.
- 8yr IPT MS+85/90; we see FV +57
- 13yr IPT MS+105/110; we see FV+75
- 20yr IPT MS+135a; we see FV+98
- 30yr IPT MS+175a; we see FV+135
The recently issued ROSW deals set a lower limit on MRK pricing.
UOP is partly to finance the Elanco Aqua business, but this is only $1.3bn. Otherwise, GCP and refinancing shorter debt. In USD, MRK is only +4 bps wide to LLY but the LLY deals in EUR are all very low cash price and Sep ’21 was the last time that they tested the market. ROSW is more current.
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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