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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
- Having looked tight for much of this year, Stellantis has been a recent underperformer with STLA 4.375 03/30 trading wide to GM 4.3 02/29 for the first time, from as tight as 58bp through last year. GM equity has outperformed STLA marginally (~5%) over the past year.
- At their capital markets day the CEO announced plans to return some of the excess cash position (covid buffer) to shareholders https://marketnews.com/stellantis-baa1-bbb-bbb-p-returning-cash-to-shareholders.
- We see limited scope for GM (Baa2/BBB/BBB) to outperform further. If broader credit remains weak, we would expect reverse yankees to underperform so risk appears asymmetric 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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