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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
- FRFP 5.875 04/29 now trading 5bp through SHAEFF 4.75 08/29 (Baa3 Stable/BB+ Stable/BB+ Stable).
- Over the past year FRFP has traded wider apart from 3 brief periods that swiftly reversed with a high of +30bp in April.
- Schaeffler equity has outperformed Valeo by ~43% over the same period.
- Both affirmed FY guidance at 1Q. We could see Valeo outlooks move to stable, with 1x leverage targeted for FY24. Both were 1.5x levered at FY23.
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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