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.
Accor (Snr; NR, BBB-, BBB- S); 28's -10bps, Equities +11% | Booking.com (A3, A-; S); 28's ~unch, Equities -8%
We flagged Accor's Snr 26/28's as rich after cash lines rallied with equities on Thursday morning post-earnings - at the time it was trading tighter than even higher rated staple WOW's - its since reversed wider but we still think the name trades tight. For those want lodging exposure Booking.com (A3, A-; S) screens cheaper - the the A-rated name only gives up 28bps on Accor's 28's while the 26's trade tighter now (9-month term extension to BKNG26's).
Even in isolation the BKNG curve screens attractive to us - strong liquidity & earnings growth ahead with leverage targets that are unch should see the credit look past the recent equities noise (-8%).
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.