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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 STAPLES
WNG €300m 5Y FINAL MS+250 vs. FV 210 (40bp NIC)
- books>€2.9b are very firm (was WNG at IPT), -40 in from IPT and -15 of that was from guidance.
- we had a strong cheap view on this deal, still see value in final/secondary.
- Note we have flagged seeing value in JAPTOB NC 4Y perps and the BAT NC 2.3Y earlier this week.
- Coupon step up of +125bps if rating moves below IG. Step down if reinstated into IG.
- CoC put- Cheap view valid > +230
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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