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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 STAPLES
- Rough close for the staple conglomerate, € lines +6-12 wider, £ unch to 13 wider. On spreads against comps its still in vs. initial NEC blow-up wides (see below). We didn't have a cheap view on the new €29s that priced with a 7bp NIC and we still don't see secondary screaming value.
- For investors looking to rotate out of Reckitt, Haleon (HLNLN; Baa1 Pos, BBB+), another consumer staple and parent of Sensodyne & Pandol should be eyed. Similar scale co's as well; Haleon £11.5b in revenues, Reckitt £14.6b.
- Haleon's coming off deleveraging led upgrades (after its demerger from GSK) and has given guidance for org +4-6% growth this year. Not a cheap view of ours but we see no need for investors to stay/head into Reckitt when spread pickup on the 30s is +16bps.
- Re. sterling, again XCCY into euros below (dark shade is € lines, light £). Looks fine/in-line but again staple alternatives is there with McDonalds (Baa1/BBB+) giving up little to no spread.
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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