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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.
CREDIT SUPPLY
- IPT: Porsche SE EUR Bmark; Long 5Y MS+140a, Long 8Y MS+175a.
- We see FV at 110a / 140a.
- When PORSCH came with the benchmark 28s last year, bonds performed very strongly. It priced at B+211 and traded at B+142 less than 2 months later. This was driven by retail demand, with the issuer something of a novelty.
- The subsequent dual tranche did much worse, trading down on the break, with pricing probably too aggressive with the novelty demand largely saturated.
- While the 27s and 28s remain tight to VW the 30s trade slightly wide, with the longer dated bond less popular with retail and more reflective of real credit risk.
- We see FV benchmarked to that bond, flat to slightly wide of VW.
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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