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.
We don't see any news but €26s another -1.1pt/+60bps and looks dislocated now vs. the $ curve, £25s, $CDS and local single Bs.
The 220bps of widening since earnings has helped it go from looking rich to cheap on RV.
A lot of uncertainty with the co but as raters noted its still a $140b in sales co (though that isn't helping profitability) and more importantly still has assets it can use to handle the circa $6b due over next 2 years.
BVAL offer side is at Z+293/B+320/5.9%/€92; we think investors should taking a look at the line here. It swaps into $s 115bps wide of 5Y $CDS...that is at +204 (not a CDX member).
S&P saw "meaningful" recovery in event of default at 50-70% (all bonds unsecured).
FY results (12m to Aug) generally come early October (~2.5months of carry), front maturity is the $1.2b outstanding (original $2b) $Nov 24s .
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.