Free Trial
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.
CREDIT SUPPLY
- IPT given at 5% to 5.125%; with a 7yr swap of ~2.63% this equates to MS+237 to MS+250
- We see FV around MS+210 which gives a yield of around 4.70-4.75%
- Orange last issued a hybrid in April 2023 in a EUR 1bn PerpNC7 deal that issued at a yield of 5.5% having tightened from IPT of 6%a. Cover was 4x.
- Expect this deal to perform well; BI make the good point that IG hybrids are rare in this space and we feel Orange’s prudent financial policy adherence makes this name an attractive place to move down the liability structure in pursuit of yield.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok