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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.
CONSUMER CYCLICALS
• IPT: EU500m WNG 7Y Fixed MS+80 Area, EU500m WNG 12Y Fixed MS+100 Area.
• We see FV at MS+50a, MS+70a.
• Tyre co Michelin has not issued since 2020, with bonds tightly held and CSPP effects leaving the curve tight for the rating; MLFP trades in line with one notch higher rated MBBGR (A2/A) who are also in the market today.
• MLFP also screens tight to parts maker RBOSGR, but Michelin does benefit from replacement tyres as well as new vehicle business, which dampens cyclicality somewhat vs OEMs and other parts businesses.
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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