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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 UPDATE
Rio Tinto reported a 14% rise in first-half net profit to $5.81 billion, slightly below analyst estimates. The miner's increased copper production and prices helped offset the 1.3% decrease in the average price they received for iron ore compared to the previous year.
- Underlying Profit: $5.75b (+1.8% y/y; estimate $5.79b)
- Underlying EBITDA: $12.09b (+3.4% y/y; estimate $12.06b)
- Free Cash Flow: $2.84b (-25% y/y) this was primarily attributed to increased capital expenditures, which rose by 34% year-over-year to $4.02b.
- RIO's bonds are trading little changed on the back of the results, RIO bonds trade just inside that of similar rated BHP bonds.
RIO vs BHP yield Curve (BBG)
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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