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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.
CONSUMER CYCLICALS
€500m 6Y SLB MS+115a vs FV +100, 15bp NIC
- 30 in from IPT and books>€1.65b are in-line metrics for this week.
- Tad surprised it did not tighten away a 15bp NIC (unch from guidance) & leaves final looking attractive. It gave +50bps over troubled Kering (Gucci Parent) for 2-notch lower defensive retail exposure. Curve is left ~10bps wide of H&M - the (5x) larger fast fashion but lower margin retailer.
- New PVH 29s we are eyeing for an update on expected rough earnings (4th June). It came with a 30bp NIC earlier this year in a attractive deal to us (-10 in since).
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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