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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.
TRANSPORTATION
€550m Snr Secured 5.5NC2 Price Talk 5.25%a (eqv. MS+243) vs. IPT low-mid 5%s
- Otto might price wide of Q-park curve today.
- Q-park revenue growth has been strong (+62% from '21), runs high 20s EBITDA margin. Capex is high (just shy of 20% of revenue) leaving cash flow conversion in mid 70%s/€150-170m/yr.
- €1.8b in properties and long-term ground leases (avg. 47yrs) helps balance gross/net leverage at 6.9x/6.4x to help it into double BB ratings.
- It has a curve with a 5NC2 that priced in Jan at 5.125% and trading now at 4.85%/Z+187/OAS+189/€101 (to par call in 4yrs). Looks value against it's curve( below)...more broadly not at all.
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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