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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.
TECHNOLOGY
- Tech/Comms spreads again tracked the €IG index this week; YTD underperformance stands at 13bp and 10bp respectively.
- On primary we had just two deals but they were quite interesting; Cellnex came for a EUR 750mn 4y deal that may have been the best performing TMT deal of the year, tightening 45bps from IPT to price at MS+98bps, about 12bp through where we had FV while still maintaining a 3.2x cover ratio. The bond is ~1bp tighter today.
- Earlier in the week we had Warnermedia coming into the EUR market with a EUR 650mn 5y and EUR 850mn 9y; a tough deal to find FV on given the lack of a EUR curve with the lines pricing at MS+145bp and MS+190bp to giving NICs of 5bp and 15bp and with the lines tightening by 11bp and 9bp since launching.
- Earnings season was quiet but still active; DXC (credit negative), Sage Group (credit negative), BT (credit positive on cost savings), DT (credit neutral), Vodafone (reporting changes complicated; broadly in line albeit with continued German weakness) and Eutelsat (credit neutral).
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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