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Mondi (Baa1/A-): New Issue FV Analysis

BASIC INDUSTRIES
Credit BulletsBulletHomepagemarkets-real-timeCreditUKBank Of England (BOE) Market News
  • *IPT: MONDI FINANCE €500M WNG 8Y MS+130 AREA.
  • We see FV at MS+100a.
  • MNDILN has just 26/28s outstanding. 28s trade broadly in line with HOLNSW (Baa1/BBB+) and CRHID (Baa1/BBB+/BBB+). Given the better average rating we see closer to the flatter CRHID curve as fair.
  • Having missed out DS Smith, M&A is a potential concern, although that was an all-share bid.
  • Capital allocation strategy prioritises capital investment opportunities, ordinary dividends, then M&A and/or increased distributions.
  • Financial policy is to maintain IG ratings. Leverage is at 1x, 10-year high was 1.4x.

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  • *IPT: MONDI FINANCE €500M WNG 8Y MS+130 AREA.
  • We see FV at MS+100a.
  • MNDILN has just 26/28s outstanding. 28s trade broadly in line with HOLNSW (Baa1/BBB+) and CRHID (Baa1/BBB+/BBB+). Given the better average rating we see closer to the flatter CRHID curve as fair.
  • Having missed out DS Smith, M&A is a potential concern, although that was an all-share bid.
  • Capital allocation strategy prioritises capital investment opportunities, ordinary dividends, then M&A and/or increased distributions.
  • Financial policy is to maintain IG ratings. Leverage is at 1x, 10-year high was 1.4x.