MNI: Canada Apr-Sept Budget Deficit Widens On Spending

CANADA'S TRUDEAU: I CONTINUE TO HAVE GOOD TALKS WITH TRUMP

MNI BRIEF: Little Macro Difference On Rate Oprions- de Guindos

MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

CANADA Q3 GDP ANNUALIZED +1.0% AS EXPECTED ON GOVT, CONSUMERS

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Milione (MILION; Ba1 Pos/NR) 28s +1.5pts on mids(Private co)

TRANSPORTATION

Milione (controls Venice & Treviso airports with stakes in others) single (privately placed) €300m 28s showing mids +1.5pts this morning at €95/Z+82/3.7% to maturity (bullet). Supply might make name (and airport sector) more interesting but looks like a tough ask here.

  • It amended the terms of its bond (alongside covenants) during covid to extend it out to '28 and with slight coupon rate adjustment and fees.
  • Only recent update we see is 1Q traffic that came in June and was up LSD. EBIT was down though and net debt little changed at €880m.
  • Interest cover looks weak at €34b vs. EBIT of €40b last year, 28s on high 2% handle coupon makes refi look unlikely.
  • It's being paying down small amount of the loans last year, only source of supply might be to clear what Moody's currently penalises it for; a concentration to 27-28 maturities with a €570m TL due in '27 as well.
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

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.