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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.
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Free AccessMNI Credit Weekly: Shifting Sands
Executive Summary: Low volatility persists but idiosyncratic risks are brewing.
- IG cash spreads 2bp tighter after a short week, with financials outperforming as supportive earnings releases continue. The disruption to primary supply from European holidays provided technical support.
- Primary launch spreads averaged their lowest week this year, in a truncated week skewed to A rated supply. Expect primary to pick up again next week with the majority of issuers through earnings releases.
- Earnings season continues to paint a mainly positive picture for the rest of the year.
- With animal spirits returning, we see M&A as the main source of idiosyncratic risk from here. The interest rate cycle has added a rather unique twist; some low cash price investment grade bonds are exposed to technical defaults under asset sale covenants. We have seen Solvay forced to take out bonds last year; similar situations have been brewing at TenneT, Essity and Vivendi; Tesco has also come under the spotlight but looks set to avoid the threshold. We expect more such situations to arise as M&A picks up
24.05.10 MNI Credit Weekly.pdf
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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.