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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 MACRO
- As we roll through the end of Q4 earnings, bbg has begun compiling out trimmed mean (bottom/top 10%) & median credit metrics on its indices.
- For $IG; Net leverage was little changed at 2.61* vs. 2.53* last qtr - small increase but it is continuing to move away from pre-covid avg's (below).
- Biggest jumps were in capital goods (+0.15*) & consumer staples (+0.3*). $BBB leverage moved only +0.06* higher, while A grade leverage jumped +0.12* - continuing compression in credit metrics perhaps supporting the IG compression that's continued into this year.
- ICR's decreased from 7.1* to 6.9*, energy saw the largest deterioration at 8.7* to 7.8* & again compression in metrics across ratings; A-grade ICR's fell from 7.8* to 7.4* vs. BBB from 6* to 5.8*.
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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