MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Pandora (PNDORA; Baa2, BBB; S) FINAL

CONSUMER CYCLICALS
Credit BulletsBulletHomepagemarkets-real-timeCredit

€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).

111 words

To read the full story

Close

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.

€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).