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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
- Proximus (A2/BBB+) 10y IPT given at MS+135a; We see FV at MS+105-110bps – noting the low cash price of EUR ~71 on the Proximus 36s. EUR bonds are 1-2bps wider today.
- Not a credit we have a strong view on though we do note that spreads look wide for their rating, trading more in line with BBB names like KPN/VOD than BBB+ names like Orange/DT/Telenor. Proximus was downgraded by S&P around a year back on their new financial policy which included a higher-than-expected leverage target.
- FY23 results were broadly in line with consensus though they guide for slow underlying revenue and EBITDA growth of up to 1%. Management see FY24 S&P-adj leverage of ~2.7x from 2.6x at FY23 against S&P thresholds of 2.5x and 3x.
- Proximus went to market twice in 2023 for a EUR 500mn 7yr deal in March that tightened 20bps from IPT with a NIC of 15bps at MS+75bps and a EUR 750mn 10yr deal in November that tightened 37.5bps from IPT to price at MS+100bps.
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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