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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.
UTILITIES
- In line with previous reports of an offer post summer, Corriere della Sera reports that the Italgas board could approve a binding offer for 2i Rete Gas by the end of next week.
- The article cites a €5.2bn valuation, above the €4-5bn previously mooted.
- The IGIM and FIREIT curves have converged since news of the potential deal first broke. While some IGIM lines remain tighter than FIREIT, more recent liquid deals trade in line.
IGIM spread have underperformed peers by around 10bp over that time (chart). With leverage potentially rising 1.5-2x pre synergies we are cautious on IGIM spreads. Supply is a consideration as well with €3bn of debt financing reported.
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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