Free Trial
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.
TRANSPORTATION
Has gone through our FV after another -10bp move from guidance - as we suspected it may (typical airport primary performance). It seems market is happy to price the A+ upgrade and look past upcoming 3y-tarriff reset - not much protest from us but the drop into high-grade BBB+ airports continues to be stark and might be exaggerated by the lack of govvie ownership among them.
- €600m 12Y FINAL MS+105 vs. FV 110 (-5 through)
- books>€2.9b, -35 in from IPT, upsized from exp. €500m
- CoC put at par, 3m par call, first issuance since April '21
- 100% ownership in Amsterdam, Lelystad, Rotterdam (all in Netherlands). 20% interest in Brisbane Airport (3rd largest in Australia), 35% interest in Hobart (8th largest in Australia).
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok