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.
exp. €500m 12Y IPT MS+140/145 vs. FV 110 (-30)
- Amsterdam, Rotterdam, Lelystad and Eindhoven Airports.
- First issuance since April 2021, 100k
We will have to follow-up on fundamentals but we see no evidence of shorter lines commanding a premium over higher rated Norwegian state-owned operator Avinor (A1). Avinor new 34s trade at Z+95 - we have spread Luschi 15bps for a 2.5yr term extension (high-grade airports). The cross-check is Sydney Airports (Baa1/BBB+) new 36s who for the 2-notches gives 30bps. Lucshi's own curve is skewed by legacy low cash px lines.
High grade airports have done well in primary (a subjective observation) - we would not be surprised if this goes through on final.
Normal sector asides: those that benefit from public equities and associated reporting are Fraport {FRA GY Equity} and Aeroport de Paris {ADP FP Equity}. Fraport has 1k denomination on its lines, Sydney Airport has a mix; new 34s are 10k denominated while new 36s are 100k denom.
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.