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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
€300M 7Y SLB +205 vs. FV +170 (revised from +130), cheap view added at guidance.
- Another -10 in from guidance, books went from >€1.5b then to >€2.5b at final.
- Final levels: -50bps basis to 7Y CDS, implied 2Y roll-down from 5/7s CDS is 25bps, implied 3Y roll-down to IDSLN28s (NR/BBB neg) is 65bps (pre. acquisition level used).
- We have a keen eye on earnings including any wage agreements and progress in parliament on removing next-day delivery requirement. 2Q results come early August.
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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