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.
Equities are being bid up (+11%) on the following article from the Times rumouring former BT boss, Philip Jansen, is working with PE firms for a takeover (here). Rentokil came in focus (& equities similarly bid) last month as well after activist fund Trian led by Peltz took a stake in it.
This one could be more of a mover/event risk for bonds given all have CoC at par. Note the €24s, €26s and €28s have a +125bp coupon-step up on downgrade into HY as well. This is NOT on the new €27, €30s or the £32s (which are trading above or close to ).
Step up "means the first public announcement by S&P or an Additional Rating Agency of a decrease in the credit rating of Rentokil Initial’s senior unsecured long-term debt to below BBB- (in the case of S&P) or below a rating equivalent to BBB- (in the case of an Additional Rating Agency)." Agency)."
28s below are being bid in this morning.
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.