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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 CYCLICALS
We've had nothing new in information since the original Times article. Pricing to end the day;
- Equities: +8%; circa 30% priced on a estimate vs. typical takeout premium
Below par;
- €28s: +2.3pts/-63bps; 24% prob. priced
- €26s: +0.4pts/-24bps; 12% prob. priced
- £32s: unch (trades in line with £Tesco and has only +1.5pts/-23bps upside to par call - BVAL b/a is 0.5pts/8bps)
Above par;
- €30s: -1.8pts/+30bps (was trading rich even before today - still see no value on PE risk disappearing)
- €27s: - 0.6pts/+18bps (slightly above equal rated comps but again far from looking cheap)
- Main CDS: +22bps to +73 vs. Main at +53. Only services comp in Main looks to be Sodexo CDS at +26.
Source of trigger
here.
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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