Free Trial
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.
CONSUMER STAPLES
Motor Fuel Group (0117593D LN) has announced acquisition of filling stations from Morrison (MRW LN) for GBP2.5bn.
- MFG is privately-owned and has no traded debt. However, WM Morrison, whilst owned by US private equity firm CD&R, does have a traded cash curve; this deal appears to meaningfully destress the credit stack (CD&R paid a little over GBP10bn for the entire business in Jul-15).
- Rumours of this deal have been around a while (including Sky on 22-Jan) which can be seen in the tightening of the credit since the start of the year (albeit only the secured lines appear to trade much). News of a relatively positive Xmas season for the grocery companies in the UK has helped.
- This is a high-yield situation and the comparators in the graphic are far from perfect but this is a significant tightening in a short period of time and the positive has now been confirmed.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok