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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.
BASIC INDUSTRIES
- EVs aren’t far apart: £8bn and £6.5bn.
- Despite MNDILN having the stronger credit profile, SMINLN trades tighter. As a single line €650mn issue from 2017, we assume pricing reflects liquidity and scarcity rather than fundamentals.
- Theoretically we should see these names converge.
- MNDILN spreads have widened ~25bp since the initial offer. We may now see partial retracement with the agreement remaining all share. Pro forma leverage will increase so we do not expect a full recovery.
- No view on rating actions for now. Current spreads appear to cushion a one notch downgrade.
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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